Unlike my GBPJPY setup yesterday, EURJPY was good, I thought.
I sold this pair from 130.81, and still holding the trade. I like H4 Stochastic going down. So perhaps I will hold this position until Stochastic reaches to 25%.
We should not forget what Bull wants to do… Bulls want to buy from Fib38.2-61.8%… So I should be careful about the price actions.
However, I am a Bear. So I will just wait and see. If you are Bear and want to join this Short trade, here is the next possible entry.
On Hourly chart, Stochastic will turn into Up cycle, and when the up cycle is over, please check the price. If the price is either Double top, or Lower High, then that’s the sell opportunity.
However, if the price makes Higher High, then you can simply call me “fool” 🙂 and forget about this setup.
Hope this setup helps your analysis.
YJ Baik – Forex.Today @ Tokyo