EURJPY: Short-Term Trend Is My Friend

21 ago 2014

EURJPY has recently retraced back into previous structure offering an excellent opportunity to put on a short order. Looking left the market has proven to respect this level in the past, therefore I would expect the same in the present as support turns into resistance. Price action is also on the right side of a short-term bearish trend with having made a recent new structure low and now putting in a deep outside return. A bat pattern completion was my reason for entry, but make sure you check the fibonacci level of you B leg as it may not meet your rules.