EURJPY Technical Analysis 5.16.2018
EURJPY Possible SELL/SHORT Trade Setup: EURJPY on the 1 hour chart is breaking out of a possible bearish channel pattern and a Momentum Price Action Breakout Pattern can be forming where bears can potentially push the pair lower. Traders should be watching to see a retest and also watch to see if price respects the 50 Simple Moving Average (Turquoise). If EURJPY respects the moving average and is then followed by a move below the green SELL level (130.43) it will allow more bears to sell off the pair triggering the Momentum Price Action Breakout Pattern (Green) and confirming the bearish channel pattern breakout (Blue). If looking to sell EURJPY, sell on the break below 130.43 looking to hit targets below and traders should place stop loss at the May 14/2018 high 131.37 level. Break above the May 14/2018 high will invalidate the bearish scenarios and the pair can extend higher. But as long as the 131.37 level holds and price remains below it then bears will remain in control.
EURJPY 1 Hour Chart May 15/2018
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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