EurJpy- Swing idea- Where to sell for 1k+ pips and 1:4 R:R?EUR/JPY traded within a nearly perfect ascending channel from March 2022 to July 2024. This channel, a hallmark of the pair's bullish momentum, was decisively broken to the downside in the beginning of August.
After hitting an all-time high of 175 during the summer, the pair reversed sharply, dropping 2,000 pips and breaking below the channel's long-term support.
The 155-156 zone has since acted as a strong floor, leading to two significant bounces. However, each reversal has failed to breach the old channel support, now turned resistance.
Currently, the pair is in its third bounce from support zone
This time, it is likely to form a lower high compared to previous attempt. I’m eyeing a potential sell opportunity near the 162 zone, offering a compelling 1:4 risk-reward ratio and the potential for a move exceeding 1,000 pips, aligning with the broader bearish outlook.
