After seeing the current price action in Ichimoku chart, my bias for EURJPY has been bear.

2015-08-03_19-13-57-EJ1

The candles are blocked by the top of the Clouds.  Also considering the fact that all the price actions in Ichimoku have to be translated as “N-shape wave”, I came up with the above big N-Shape.

Also in 5 candles from now, the Clouds are twisted down as Bearish mode.  So it could be a nice swing trade.

However, looking at Hourly chart, this can be a nice day-trade, or even scalp trade as well.

2015-08-03_19-19-10-EJ2

 

On Hourly chart, I came up with 2 possible short entries.  1st entry point is almost at the current level, just below DPP & WPP.   Stochastic looks ready to drop.   However, if you are conservative, you could wait until the price drops below MPP, and try to sell the rally from there.

The beauty of this setup is that SL can be small, 136.50 – just above DPP & WPP.

 

Happy Tradin’

 

 

YJ Baik – Forex.Today @ Tokyo

 

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