EURJPY is now sideways from a recent downtrend. It has completed a bearish cypher around a trendline resistance. Price has been successfully rejected at the potential reversal zone. Upon confirmation of the bearish bias, I will go short. The take profit target is set at the 61.8 Fibonacci retracement level of the CD leg. Stop loss has the same number of pips as TP1. Trade details are as follows:
Trade Setup: Bearish Cypher
Price Entry 128.855
SL 129.112 | SL pips 25.7
TP2 128.417 | TP2 pips 43.8
RRR2 1.70
Trade Setup: Bearish Cypher
Price Entry 128.855
SL 129.112 | SL pips 25.7
TP2 128.417 | TP2 pips 43.8
RRR2 1.70