EUR/JPY Short down to 122.000
As you can see on this pair, although we made new highs for the last 12 months recently (seeing a close above 124.000) we have also seen a struggle to maintain above this level.
It looks as though the recent bullish run is running out of momentum and I think we can see 122.000, if not lower, pretty soon.
Monthly MA's are still down, and the Daily MA's are also about to cross to the downside.
I have applied a Fibonacci to the most recent move downwards, and as you can see we made a pullback/retrace to the 50% level which is also a retest of the 124.000 level as resistance.
The first D extension is my first target (near enough bang on 122.000).
We could see even more downside if this target is taken out with some momentum.
I would await the most recent trendline to be broken clearly on the 4hrly chart before entry.
Stops would be up around 124.000.
Target would be 122.050 (5 pips above for safety)
Near enough a 1:1 Risk to Reward Ratio.
Let's see how this plays out.
It looks as though the recent bullish run is running out of momentum and I think we can see 122.000, if not lower, pretty soon.
Monthly MA's are still down, and the Daily MA's are also about to cross to the downside.
I have applied a Fibonacci to the most recent move downwards, and as you can see we made a pullback/retrace to the 50% level which is also a retest of the 124.000 level as resistance.
The first D extension is my first target (near enough bang on 122.000).
We could see even more downside if this target is taken out with some momentum.
I would await the most recent trendline to be broken clearly on the 4hrly chart before entry.
Stops would be up around 124.000.
Target would be 122.050 (5 pips above for safety)
Near enough a 1:1 Risk to Reward Ratio.
Let's see how this plays out.
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