EURJPY Primed for a Ride Down to the Old Channel

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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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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