Short EURJPY Longterm Based on 30M + 4H ChartsWe saw a bullish EMA crossover (Golden Cross) occur on the 26th of April 2017 on the 4H chart and price has respected this crossover and has been riding above it, making higher highs. However, in recent weeks we've seen progression slow down and we have made our first Lower High as the uptrend begins to curve round to the downside.
Price has also fallen below the EMA50 and is heading towards our first price target of 123.158 which would make it's first Lower Low.
On the 30M chart we can see the EMA50 has now crossed below the EMA200 (Death Cross) and with strong divergence to the downside, this would support our decision to short the EURJPY pair.
Place your stop at 124.695 and price targets of 123.158 but we're not setting a TP, we will let this run and adjust our stop accordingly to secure profits.
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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