I posted another Trade Setup (USDJPY) today, in which I said “Possible Reversal Up?”. That discussion can be also applied to GBPJPY.
However, EURJPY is different. I am totally bear with EURJPY. So without the doubt, I would like to build the Short setup.
Once the bias is setup, the rest is easy… just to identify where we want to sell.
The above is Hourly chart. I would like to sell this pair from somewhere between Fibonacci 38.2% (133.40) and 61.8% (134.16).
The conservative target should be 132.20 (Prev Low).
The aggressive targets will be
a) 131.71(DM3 –> DM1)
b) 131.0 (Fibonacci 138.2%)
Hope this setup helps you build your own trade plans.
YJ Baik – Forex.Today @ Tokyo