EURJPY Short - Risk/Reward 1:2.5 - mid-term

17 thg 3, 2022

Short setup for EurJPY :
With the money flow index and RSI decreasing on the 1W weekly frame, and after a strong reversal from 7th March lows (124.4), EurJpy is expected to see a selling pressure in price levels between 132 and 133. These price levels lie between a strong 1W Finbonacci level and the trendline joining the highs from june 2021.

We look for taking short positions between 132.2 and 133.

SL = 1D close above 134.3 which signifies further bullish continuation towards 137.

TPs and proposed %s for closing the position:

TP1 = 130.5 (20%)
TP2 = 128.9 (30%)
TP3 = 128 (20%)
TP4 = 127 (20%)
TP5 = 126.5 (5%)
TP6= 125.3 (5%)

with an effective closing position around 128.3 (+400pips) this short opportunity represents a Risk/Reward ratio of 1:2.5


Good luck

samurai