Favouring Shorts EUR/JPY 4HR Fib Retracement / Counter Trendline
After seeing big moves to the downside for the EUR/JPY Pair I do still currently favour more downside. We can see on my chart that we are currently In a consolidation area where the market cant decide where to go but is leaving us clues as to where the direction may be with the price action available to us. Starting at the Fib retracement level we can see we have found a good area of resistance at 38.2% as price has aggressively been moving away from this region when being tested. I have placed a counter trendline in I would not feel comfortable to enter this trade till we see a break of the counter trendline and a break of the consolidation area so please be patient on this pair and wait for the market to present its hand.
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