EURJPY pair has been up dramatically, and now facing the strong Resistance (WPP, Fibonacci 61.8%) Since I am a Bear with this pair, I would like to short from this level.
Conservative target will be 135.70 (DPP, MPP), but the aggressive target will be 135.00.
However, M15 still looks bullish. So I wouldn’t blindly enter the short trade from here, or even from WPP. We should always confirm the reversal price action, before entering the trade. In this case, I need to look for Lower Low and Lower High before pulling the trigger.
This could be London Open trade.
YJ Baik – Forex.Today @ Tokyo