EUR/JPY rejected from double top at 129.47, good to sell rallies
EUR/JPY price action was rejected from double top at 129.47 (Jan 5th and 27th), day's highs were also capped at 129.47.
The pair has been trading a falling wedge pattern, and scope builds for further downside.
Stochs are at overbought territory on daily charts and have shown a bearish crossover, RSI also points south.
Bearish invalidation only on breaks above 129.75, gains upto 130.11 then possible.
We would sell EUR/JPY rallies around 129.25, SL: 130, TP: 127.80/50
The pair has been trading a falling wedge pattern, and scope builds for further downside.
Stochs are at overbought territory on daily charts and have shown a bearish crossover, RSI also points south.
Bearish invalidation only on breaks above 129.75, gains upto 130.11 then possible.
We would sell EUR/JPY rallies around 129.25, SL: 130, TP: 127.80/50
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