EURJPY – SELL – 8th June 2020

EURJPY – SELL – 8th June 2020 (Closed)

Good evening team,

Markets are stretched to the extreme levels as the bullish sentiment continued throughout last week.

Todays session has been relatively calm with markets consolidating after the unexpected unemployment numbers on Friday night.

The EURJPY has reached a key level on the weekly time frame and has formed a reversal candle on the daily time frame.

EURJPY – Weekly charts

The market has potentially created a head and shoulders formation. This is a very big ask to play out, there would need to be some extremely negative news come to the forefront to push the market below the neck line. However the 124.00 level appears to be a key resistance zone providing us an opportunity to add short positions.

We will look to take this set up down in stages.

EURJPY – 4 Hour Charts

Trade Setup: SELL EURJPY – Market Execution (current price 123.30), stop loss 124.55 and take profit 121.00

Stop loss: 125 pips

Take profit: 230 pips

 

Trade Setup
SELL - Market Execution

Entry
123.30

Take Profit
121.00

Stop Loss
124.55