EUR/JPY broke previous support over night on the D1 timeframe.
Technical Analysis
Technicals from our free live trading charts show that indicators are showing a short over all on the D1 timeframe.
What others are predicting
We see 2 different traders’ analysis on the free live trading charts, that show:
The EURJPY is looking very bearish indeed.
Aggressive traders should look to short right about now. More conservative traders might look for some sort of consolidation on a lower timeframe, or potentially, to maximise Reward to Risk (R), set a sell a little higher, at say 122.30
Here are my thoughts!
It’s time for a short entry!
To be on the safer side, you could wait until EOD to make sure we are not being faked out with a pin bar. It is also Friday, and many times we don’t see a lot of movement occur. Either way…be safe out there and use proper risk management!
Our target range for the short position is: 120.986793 – 120.197124
Cheers to another successful week!