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Eurjpyshort

It's time to Sell EURJPYTechnicals: EURJPY in a downtrend since the beginning of 2019   The technicals are generally well defined here, with a large channel inside of which the downtrend has traded for the whole year of 2019.   Switching to the 4-hour chart, we can see more details of the price action. There is a smaller bearish 14-day channel within the larger (more significant) yearly channel, which is also well-defined, as shown on the chart below.   Judging by the overall fundamentals and technicals, it’s quite possible that this smaller bearish channel will be broken to the downside - accelerating the bearish trend. Hence, looking to sell EURJPY toward the resistance trendline of this smaller channel (118.00 area) could offer excellent opportunities to position for potentially large bearish moves. Entry: 1st: Look to sell a rally toward 118.00; likely to allow a tighter stop 2nd: Enter short on a bearish breakout of the small channel (currently that is below 117.00); likely will need a larger stop and will require more confirmation from fundamentals and technicals against a fake breakout. Stop loss: 1st: Above 118.00 in the 1st scenario 2nd: Above breakout point in the 2nd scenario; the 117.50 - 60 area looks interesting in this regard. Still, however, this stop level needs to be considered at the time of entry, so a different level might be more appropriate according to the situation. Targets: 1st: - At the 117.00 support trendline of the small channel - This could be an initial target in the 1st scenario (of entry around 118) 2nd: Main target toward the support trendline of the channel (presently around 115.00 - 114.50 area);
Short
by veens_m
Short EURJPY We can short EURJPY for the following reasons. The Primary Wave 2 is completed thus we are potentially seeing wave 3. Wave 3 cannot go higher than wave 2. The price is also approaching intermediate wave 2 where it should terminate and start wave 3. Again wave 2 cannot go over the area of starting of wave 1. It is a hat-rick because minor wave 2 cannot cross over the area of where wave 1 started. All these regions are on the same resistance line, thus potentially we are gearing up for a sixer. Our potential target is 161.8% Fib level at 110 region. This is a very high probability because i have consider multiple waves with support and resistance level. Strategy Short now at CMP or 122.20 with SL at 123 area at EOD basis to target the minor wave 2 start with target of 110 area however we will review this soon and evaluate
Short
by inderjeet05