EURJPY 60 PIP SELL
EURJPY showing great potential for a 60 PIP short. At the moment EURJPY is forming a flag pattern following from a strong bullish momentum. Price has reacted well within the pattern and i believe will find support for the third time before continuing its way up. Recently we have seen a rejection of the top trend line as well as an oversold condition on the RSI(10), with these factors combined it may allow price to have enough momentum to find support once more at the bottom trend line, hence why my TP is set at this point. Furthermore before forming new higher highs price may want to retest the neck line of the double top formed recently back in October. The intersection of both the bottom of this flag and this strong support zone is where i think price will test before continuing its way up allowing it to push for new higher highs. With a flag pattern like this before a strong bullish momentum we are most likely going to see it break to the upside. We currently dont have anything as of yet on the 200 EMA however if price breaks this i believe will further give it momentum to hit my target. TP is set at 60 PIPs and SL at 35 Pips
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