EUR/JPY: Is the cross reversing? Short signals

12.05.2017 / 12:06

Rating:

Our Expectations: Serious resistance levels at 124.00, which couldn't be breached, pin bar and engulfing bar with potential for decline and SL: 124.78

Alternative scenario: If the price goes above 124.10 it will give signal for new bullish formation, which we can position long.

Commentary: Declining trend, mid-term rising movement

Price Action signal: Pin bar on resistance levels and an engulfing bar with potential for a decline.

4 Hours Chart: lower highs and lows, possible change in the price tendency to short

Possible Head and Shoulders formation for decline, activated and test of the neck line.

RSI went below 50

Stefan D. Angelov - Head of Stocks Trading

Varchev Traders

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EUR/JPY: Is the cross reversing? Short signals

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