Euro / Yen JepangPenjualan
EURJPY, daily tf, sell on strong resistance
Hello my friends,
As you can see there is an inverted head and shoulders pattern in this pair.
Price broken above the neckline and continue to shoot up without retesting those neckline.
In my opinion, this impulsive movement will soon exhaust and get a correction because price just shoot above the neckline without retesting it.
After marking our horizontal level support and resistance, we could start trading between those zones.
Right now i think, price pretty much overbought and exhausted.
It is shown by previous daily candle which was rejected from 126.45-126.75 resistance area.
I think it is about time price retrace to retest those neckline at 125.00 area.
I am going to sell this pair in order to capitalize this retracement.
Sell EURJPY 126.45
Stop loss 126.85
Take profit 125.05 (3.5R)
RR ratio 1 : 3.5
Use only 1-2% risk
Good luck
As you can see there is an inverted head and shoulders pattern in this pair.
Price broken above the neckline and continue to shoot up without retesting those neckline.
In my opinion, this impulsive movement will soon exhaust and get a correction because price just shoot above the neckline without retesting it.
After marking our horizontal level support and resistance, we could start trading between those zones.
Right now i think, price pretty much overbought and exhausted.
It is shown by previous daily candle which was rejected from 126.45-126.75 resistance area.
I think it is about time price retrace to retest those neckline at 125.00 area.
I am going to sell this pair in order to capitalize this retracement.
Sell EURJPY 126.45
Stop loss 126.85
Take profit 125.05 (3.5R)
RR ratio 1 : 3.5
Use only 1-2% risk
Good luck
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