I thought this pair should drop from WPP yesterday.
However, the price continued to go up.
(I actually shorted this pair yesterday, and got out as Even)
Since I am Bear with this pair, I would like to discuss about the next Sell zone.
The above is Daily Ichimoku chart of EURJPY. You can see the price is about to reach to Tenkan line. I am expecting this Tenkan Line will serve as a resistance.
Here is H4 chart. I would like to check for the reversal price action (on M15 chart) at 130.80 level, which is also Fib50% level.
If the price breaks this resistance, however, then the next level of Sell zone will be Fib61.8%/Hardcore Resistance at 131.25.
Hope this setup helps you build your own.
YJ Baik – Forex.Today @ Tokyo