EURJPY Channel Break - Down to 132 and then 130

16. Feb. 2015Okay so I had a long bias on this pair a few days ago - however, after analysing the GBP/JPY Pair it became evident that the bias should change to a short term one as the downside potential was stronger on that pair than the upside potential on this pair. These two pairs correlate well with each other and the channel for this has broke - therefore we can assume that the next two targets will be 132 and 130 (132 where there is a lot of support and resistance and 130 where there is a swing-low)

Decent 4.5:1 risk reward too!