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EURJPY Trade Setup (Dec 22)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-12-22_16-01-42-EJ3

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)

2015-12-22_16-17-41-EJ0

 

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.

2015-12-22_15-53-29-EJ1

 

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??

2015-12-22_15-56-25-EJ2

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.

2015-12-22_16-01-42-EJ3

 

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.

2015-12-22_16-06-55-EJ4

 

Hope this setup helps you build your own.

 

YJ Baik – Forex.Today @ Tokyo

 

One comment on “EURJPY Trade Setup (Dec 22)”

  1. Profile photo of Horace Sutherland
        December 22, 2015

    Thanks YJ, I have been watching this currency pair

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