EURJPY looking good for a short term short trade.
Price is being respected at the 124.85 level a previous area of resistance for the pair. We saw a daily rejection yesterday from this level after a push higher from the monthly support @ 124.00.
Price has consolidated today and movement has been slow, however a break below the box at 124.70 and I believe we could see some downside back down to the monthly support. A daily close below 124.85 would be a a good indicator that bearish momentum may pick up into tomorrow.
A nice little 70 pip trade set up. We would need a close beneath our consolidation box in order to execute the short entry. A break and close above 124.85 would invalidate this set up and id expect more upside from there.
Simple set up, pure price action.
Cheers.
Price is being respected at the 124.85 level a previous area of resistance for the pair. We saw a daily rejection yesterday from this level after a push higher from the monthly support @ 124.00.
Price has consolidated today and movement has been slow, however a break below the box at 124.70 and I believe we could see some downside back down to the monthly support. A daily close below 124.85 would be a a good indicator that bearish momentum may pick up into tomorrow.
A nice little 70 pip trade set up. We would need a close beneath our consolidation box in order to execute the short entry. A break and close above 124.85 would invalidate this set up and id expect more upside from there.
Simple set up, pure price action.
Cheers.