BabyPips.com FX-Men Team
BabyPips.com
EUR/JPY: 4-hour
Not into buying the euro these days? Here’s a short trade for ya. EUR/JPY is hesitating around the 133.80 levels, which is understandable if you zoom out to the 4-hour time frame. You see, the area is near a falling channel resistance that has been playing out since mid-July. A successful bounce from the resistance opens up a move all the way down to the 129.50 levels. Then again, we could also be looking at a bullish pennant in the making. You could wait for a couple more candlesticks to confirm a move, but it doesn’t hurt to have your trading plans ready when volatility starts to fire up.
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