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.

2015-12-02_17-00-04-EJ1

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.

2015-12-02_17-03-58-EJ2

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

 

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