EURJPY Technical Analysis 4.11.2018
EURJPY has possibly formed a temporary top at the February 2/2018 high. As long as the pair stays below this high EURJPY can start another move lower below the March 23/2018 low. In the chart below, EURJPY is showing four bearish patterns that are clearly visible. On the 4 hour chart below the blue bearish pattern already triggered sells on the break below the bottom trend line of the wedge pattern, purple bearish pattern has yet to triggers sells at the BC 0.50% Fib. retracement level, green bearish pattern has yet to triggers sells at the XA 1.27% Fib. retracement level and the 1 hour blue bearish pattern has yet to trigger sells at the AB=CD 1.0% Fib. extension level. If looking to SELL EURJPY, traders should wait for price to get near the purple BC 0.50% Fib. retracement level (133.21) then watch for possible reversal signals/signs at or above this level. Only above the purple point B high will invalidate the bearish scenario.
EURJPY 4 Hour Chart April 11/2018
EURJPY 1 Hour Chart April 11/2018
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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