The EURJPY is giving a sell signal after a fairly long period of bullish activity. It’s far above the channel it had been following for an even greater period, breaking out of it around the French Elections. Yen weakness since has also helped drive this pair up, but it’s been in consolidation and has now pierced the Ichimoku (one of my favorite indicators) kumo, along with a tenkan/kijun cross bearish. I am shorting it now with a stop at 130.30 and a limit at 122.00, which is the top side of the old channel, though of course I may adjust those parameters as the trade evolves, and you should, too. Happy Trading!
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Andres Pedraza
Director at Special FX Academy
Founder and Director of Special FX Academy, Andres is now a full time trader, mentor, and writer. In the past, Andres has held director level positions at venerable trading exchanges including New York Stock Exchange, Euronext, and Fannie Mae. Buy his Forex Trading book here!
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This trade is still evolving, and price is now at 129.80, showing 50 pips of profit from our entry. That’s not too significant, though, since we’re looking for a big correction. It’s too early to tell whether it will pan out, but the entry is still valid 10 days later, in case any latecomers want to hop on this train.
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[…] EURJPY Primed for a Ride Down to the Old Channel […]
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