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Waiting for a Retracement

Profile photo of Nuno Lampreia – Forex.Today by Nuno Lampreia – Forex.Today
2015-09-02_21-55-05EURJPY

2015-09-02_21-55-05EURJPY

This hourly EURJPY chart still shows some nice angle and seperation of the 200 and 55 moving averages.

Therefore, as long as price is below those moving averages I do prefere to take short trades.

It would be great if price retraces back to the resistance level where the 55 MA is situated and to take a short from there.

A reversal pattern has to take place of course before entering the short trade.

If the double bottom is broken we have the technical confirmation that the down trend continues.

Best of PIPS

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