I posted EURJPY Short trade setup couple of days ago.

The basic idea was – Daily Ichimoku Cloud can be Resistance.

It is sort of working.  But not enough.  🙂

 

Even on the regular Daily chart, the price dropped from MR2, and Stochastic shows still a lot to drop.

Hourly chart looks also interesting.  Currently the price is at Role-Reversal Resistance & Stochastic is in Overbought territory.  And I hope this price will drop from here.

For the trigger, let’s wait for the break of DPP, and sell from the re-test of DPP.

 

For the target… let’s use Pivot theory.

1. DM3 -> DM1 (132.16), or
2. WM3 -> WM1 (129.42), or
3. MR2 -> MPP (130.96)

 

 

 

Hope this setup helps you build your own.

 

Have a great weekend!!

 

YJ Baik – Forex.Today @ Tokyo