EURJPY - Bearish Triangle Top; Ample risk/reward to sell

Trade Parameters

• Position: Sell at the market
• Targets: 114.60, 114.11 and towards 113.60
• Initial Stop: 115.25

Key points for this trading idea

EURJPY – The cross traded within our trigger parameters yesterday as EURJPY holds within this intraday (bearish) triangle formation. Trading overnight has resulted in the trend of lower highs (from 115.99-115.55) being tested. A mild rejection has been posted and although we need to see a break of 114.60 to confirm the bearish momentum, the bias is assessed to be negative. In view of these facts our call is a cautious sell with a stop at 115.25

Trade management: A move through 114.60 and we look to move the stop on balances to entry.

Risk: The risk however would be with buying through a stop of 115.25, clear break of trend.

4 hour Chart:

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