I posted the Swing Trade Setup of EURJPY, and here is the update.
Originally, I observed the prices were blocked by Weekly & Daily Ichimoku (Bearish) Clouds.
Thus I originally expected the price will drop from Fib50% level, but it went up and broke 61.8%.
However, looking at Hourly chart, the price just made Lower Low. So if the price makes Lower High. Aggressive traders may short from here, claiming this is H&S. However, to be on a safe side, I would recommend to wait for the next cycle, waiting for another Lower Low, and sell from the following Lower High.
After all, this is a Swing Trade setup. So you have to wait, and wait and wait. 🙂
Hope this setup helps you build your own.
YJ baik – Forex.Today @ Tokyo