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.

2015-09-07_12-37-57-EJ1

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

 

 

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