EURJPY Technical Analysis 5.1.2018
EURJPY has possibly formed a temporary top on April 24/2018 and has since reversed lower. On April 11/2018 I published this article calling for a possible reversal lower coming in the near future > EURJPY : Possible Bearish Scenarios . On the chart below there are 5 bearish pattern setups that are clearly showing and at the moment there are currently 4 out of 5 SELLS that have been triggered. Purple bearish pattern triggered SELLS at the BC 0.50% Fib. retracement level (133.21). Green bearish pattern has triggered SELLS at the XA 1.27% Fib. retracement level (133.36). Orange bearish wedge pattern triggered SELLS on the break below the bottom trend line of the wedge. Black bearish Momentum Price Action Breakout Pattern triggered SELLS on the break below 131.85 level. The fifth bearish pattern (Grey) still needs to reach the 131.14 minimum level – 130.24 maximum level followed then by a reversal higher to the grey BC 0.50% Fib. retracement level where the pattern triggers SELLS. Only a strong move lower below the 130.24, with no bounce higher to hit point D, will cancel the grey bearish pattern and will then leave only 4 active bearish patterns. Stop loss for bearish scenarios is now at the April 24/2018 high 133.48. As long as EURJPY stays below the April 24 high, traders should expect the pair to dive lower and hit the blue 6:1 RR Target and the black 3:1 RR Target.
EURJPY 4 Hour Chart May 1/2018
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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