Good morning team,

All financial markets are bleeding out with huge selling pressure across cryptocurrencies and equities. Unfortunately, I missed the AUDJPY short trade setup earlier in the week, so I am turning my attention to the EURJPY which is yet to move lower. The JPY as a safe haven currency should strengthen across the board due to the risk-off market sentiment. There has been a doji daily candle formation indicating a potential reversal, as well as a bearish head and shoulders structure. MACD and RSI are both pointing lower.

EURJPY Daily Chart

EURJPY 1 Hour Chart

Trade Setup: SELL market execution, current price 137.21, stop loss 138.34 and take profit 133.04

Stop loss: 113 pips

Take profit: 417 pips