💡Don't miss the great sell opportunity in EURJPYTrading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (133.42).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. EURJPYis in a downtrend, and the continuation of the downtrend is expected.
. The price is below the 21-Day WEMA, which acts as a dynamic resistance.
. The RSI is at 42.
Take Profits:
TP1= @ 133.10
TP2= @ 132.92
TP3= @ 132.73
TP4= @ 132.51
TP5= @ 132.34
SL: Break Above R2
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Eurjpyanalysis
More downside possible Reasons for trade-
1: Risk Reward 1:3 and 1:5
2. Price broke major consolidation level of 130.60 after 8 days and now returning towards that level
3.Price has created lower high and lower low on 4 hour chart which is confirming downtrend for upcoming days
4.Price closed below major daily support of 131.700
5. Prerequisite for trade is bearish candlestick pattern near trigger level