Evening star spells end to EURJPY rally
Management and risk description
Because our last target is 600-plus ticks away, we are going to run a bigger stop than usual to start with. The main potential banana skin for this trade is if 134.40 decides to do a job as support on the retest, so we'll be closely watching the price action if/when it gets there.
Entry: sell a rally to 135.10 and/or a break through 134.70.
Stop: 100 ticks initially.
Targets: 133.00, 131.20, maybe even 128.32, the latter being the 38.2% retracement of last year's rally.
EURJPY daily candlestick, showing big evening star reversal pattern:
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