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My EURJPY trade view: Lambert

Clive Lambert - FuturesTechs
Clive Lambert from explains how he intends to short EURJPY. 

After a solid week from the bulls, it failed at Fibonacci resistance at 118.23 overnight (high was 118.41) and reversed sharply. 

He expects to sell at 117.80-118.00 with a stop at 118.50. The targets are 116.70 and 115.00.
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
The first target on this trade was hit on Friday even before the news hit out of Turkey. We have since seen a recovery to print 117.21 overnight where sellers were found. We are happy to be short the balance and continue to target 115.00, but would now move the stop on the balance to just above that overnight high at 117.21.
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
So stopped (for a profit) on the balance as we saw a rally to 117.69 yesterday and have printed 117.77 overnight. Sellers do still seem to be responding though, and we're still below the 118.23 level that was the reason for my short trade on Friday. I have just gone short again as we're struggling to retake 117.50 on a number of tests since European trade kicked in. Once 117.00 gives way I'm going to move my stop to entry (it's currently at 117.80), and look for a fresh test of 115.50 then 114.00.


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