EUR/JPY - Trend Continuation -Short
Hi Trader
I am pleased that one of our trade from my last post (USD/CHF) is going in right direction & we will lock few pips profit tonight which will give us some relief & put us in win win situation.
Here is another one on EUR/JPY - Trend Continuation (Short). As you can see that its making a beautiful downward channel, its hitting the top (resistance level). I am sure that its going to be a high test bar tonight. US "Core Retail Sales" report came better than expected which gave strength to dollar & knocked down Euro.
Euro started a down-trend in 4 hour chart while USD/JPY is moving sideways in 4 hour & hourly but it started coming down in lower time frame. This scenario gives us enough confidence in addition to a nice channel on EUR/JPY.
Its seems a high probable trade which is scoring 8 out of 9 following points.
1. Lower Lows & Lower Highs
2. Finding resistance off 50 EMA
3. Horizontal Resistance (Soft level SR level 130.30)
4. RSI Convergence
5. Bearish Price Action (High Test Bar)
6. No Major level of Support in the way
7. Fib Resistance (0.618)
8. Trend Line Resistance
Unfortunately today's bar size is about 138 pips so the prop traders on half a percent risk won't be able to take this trade.
Unfortunately today's bar size is about 138 pips so the prop traders on half a percent risk won't be able to take this trade.
