Euro / Japanese YenShort
Potential short ahead
Updated
As can be seen in the charts, the eurjpy has been moving with the confines of a rising wedge since circa feb of this year. We are again reaching the upper resistance of this structure which could mean a pullback in price could be just around the corner.
To further support this, there is moderate divergences between price movements and the indicators shown.
Moreover, the most recent price action has also been moving within a smaller rising wedge (blue), and is also reaching its upper resistance band.
The confluence of these factors put this pair on my radar for a pullback in price action. As such I’m looking for short positions anywhere between now 161.87 and 163.
Trade safe peoples
Note
I have forgotten to update this trade with its conclusion; and so continuity and transparency, here are details and results. Trade 1 opened - 161.39, closed early due to expected continuation in strength - 160.99 : 40 pips.
Trade 2 - 162.34, closed on 01/12/23 at 159.70 : 264 pips
Trade 3 - 163, closed on 01/12/23 at 159.70 : 330 pips
Trade 4 - 163.57, closed on 07/12/23 at 157.50 : 607 pips
Trade 5 - 164.12, closed on 07/12/23 at 157.50 : 662 pips
Total pip profit : 1904 pips
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