EUR/JPY: 4 H downtrend
Break below horizontal support and two closed bars under this level below 122.06.
Lower bottom, price below moving averages in a bearish formation.
Indicators:
CCI(50) below -100 - strong negative signal
RSI under 0, price below 25 ЕМА
Despite negative sentiment, entry after a little correction at least around 122, so we can place stop loss over the gap or even one bar before the gap.
SL: 122.95
Alternative scenario: If price goes over 25 EMA, over 122.95 that would break the negative formation.
Stefan D. Angelov - Head of Stocks Trading
Varchev Traders
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