I’am a bear on EURJPY. Take a look at my trade plan for opportunities to sell.
Market is bullish (21 above 55). Price is bullish (5 above 8). Price action indicates that price is at support and has made a lower low but I am a bit concerned about the stochastic which is still very overbought. Price opened between MM2 and MPP; therefor MM4/MR2 is the target. Support at 21 and 55 EMAS, MR1 and 50 fib/120.500. Resistance at MM4/123.000. and 122.500. I would look at smaller time frames for opportunities to sell with MPP as target.
Market is flat. Price is bearish (8 above 5). Stochastic is oversold. Price opened at WM3 therefore bears’ target is WM1 which coincides with MPP/120.000. . Resistance at 123.000 and 122.500. Support at WPP/122.000, WM2/55 EMA and WS1/MM3. I will wait for price to pullback to 122.500 or 123.000 before selling.
Market (5 and 8 kissing). Price is bearish (8 above 5). Stochastic is oversold. Price opened below DPP and has met its daily target (DM1/DS2/WPP/MR1) where bears are taking profit. Bulls are expected to start buying at tis level with DPP/122.500 as target. Since I am a bear on this pair, I will wait for price to reach DPP before shorting. Resistance at DS1/122.000, DM2 and DPP/122.500.