Here is H4 chart of EURJPY.

2015-09-18_14-33-03-EJ1

Only because my bias is Bear, I would like to discuss about the Short trade plan.   (However, the price went beyond Fib61.8%, and made a Higher-High.  So I would understand if you want to buy this pair.)

Anyway if you are Bear, I would like to propose the following 2 sell zones.

2015-09-18_14-36-58-EJ2

SELL ZONE1: (136.90 – 137.10)
Fibonacci 38.2% – Fib 61.8%.  Also DPP (136.90)

SELL ZONE2: (136.60)
After confirming the break of the Support, try to short after the pullback.

The possible targets are
a) Fib 138.2% (136.20)
b) DM1 (135.92)
b) Next Support (135.85)

 

You can find similar setup for GBPJPY, as well.

 

Hope this setup helps you, if you are Bear.

 

YJ Baik – Forex.Today @ Tokyo

 

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