I continue to be Bear with EURJPY pair.
The biggest reason is Weekly & Daily Ichimoku chart. (Please refer to my postings last week)
Daily Stochastic suggests the price will go down further.
Thus let’s look for another sell zone.
Looking at H4 chart below, you can see the price dropped again from Fib61.8%.
One concern though, is the fact that the current level could be Buy zone. So if you are Bull, you should consider to buy.
However, I am a Bear. So I will only look for Short opportunity.
For Sell zones, I am thinking the following 2 zones.
- If the price comes up to 133.20ish, then that will be Fib61.8% as well as DPP and WPP. This would be an ideal sell zone
- If the price simply drops from the current price and breaks today’s low (132.50), then I would like to sell from the retest.
As a target, I will look for Double Bottom on H4 chart. Thus the target should be 130.00.
Hope this helps you build your own setup.
YJ Baik – Forex.Today