I have Bear with EURJPY.
Thus I have been shorting EURJPY from 133.45 based on Daily chart. (Short from MM4 + Role Reversal Resistance. Also Blocked by Daily Ichimoku Cloud)
On Daily Ichimoku, the candle came up a bit, and approaching to Tenkan Line (Red line). I am assuming either Tenkan Line or the bottom of the Cloud can be the resistance to this pair.
Also please take a look at H4 chart. The price is about to reach Role Reversal Resistance while Stochastic is in overbought zone. Smells like a good Short??
Now, here is Hourly chart. Stochastic is also in overbought zone and crossed down already. I will monitor the price action on M15 chart especially between 132.50-80 to short.
Alternatively, the price may not go up anymore, and drop at London open? If that’s the case, I would like to short after the break of DPP.
Hope this setup helps you build your own.
YJ Baik – Forex.Today @ Tokyo