EURJPY - Short Position - 2nd Leg Lower?

Hello all

I have been watching the Yen Pairs for a few weeks and after catching the first break out lower, it has now retested the dynamic resistance line where price has been steadily climbing higher the past few weeks.

I'm now in a short position looking for price to head back down to the Monthly Pivot Point

I think the recent break out higher in the stock markets are a stop hunt and I expect them to turn lower in the coming weeks

Reason for entering is

• Reached Dynamic Resistance
  On the Weekly R2 Pivot
  It could head higher to the Monthly R1 first as that would be nearer the 61.8% Fib retrace
  Price action in that the bears had far more control in the previous few days and the bullish candles are very small in comparison.
  

Cheers

Duncan

Trade ist aktiv:

Trade active - holding over the weekend