CHART PATTERN: EURJPY MAY BE FORCED LOWER BY STRONG RESISTANCE

It’s been quite some time since I did this; I hope my blogging skill has not gotten a bit rusty. My trading skill is no doubt as fine as ever; which is quite impressive considering that I spotted some lovely setups within minutes to warm things up.

Now, it is EURJPY’s turn: A beautiful pattern as always. Overall, it’s a downtrend on 4-hour time frame. The green lines mark out the Fibonacci retracement and Expansion cluster.

A rising wedge forms on 1hr time frame. The intent is to go “Short” as soon as price forms a reversal bar at the confluence between the Fibonacci cluster and the resistant side of the wedge; Stop Loss will be set above the newly formed swing high and Target will be set at a new low.

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About Moshow

Oseni Moshood ( Moshow) is a physicist, a blogger and a spot trader with years of experience. He trades only price actions partly because he thinks Economics is boring; or, probably because he failed Economics; and he loves fine artistic works.