Dear Traders,

This has been a beautiful eurjpy pair to trade.

It has been showing some clear swings with good retracements.

If you see where price is situated today then you may also note the yellow level of resistance.

The 200 and 55 day moving average have been leading price so far.

I like the completely overbought stochstik indicator at the 80% level.

I will monitor this level closely and wait for the close of fridays candle.

If bears come into the market then I am hoping for another swing downwards.

Should fridays candle be bullish then this trade idea is no longer valid.

Best of PIPS