EURJPY: Sell rallies toward 133.05

Yue Wang LinoCapital

EURJPY traded quietly in the 350 pips' range last month.

We see a potential Quarterly bearish outside bar.

Price still failed to close above monthly Ichimoku cloud.

Below 133.97 (Futures 134.02), the downtrend from 137.50 may not over yet.

Close above 133.59 will challenge this view.

Overlap or close above 133.97/134.02 may directly bullish toward 135.75.

To the downside, 131.75 is the first support level.

We could not rule out a slowly right shoulder building progress around 133.05.

If seen, near term strength still should be sold into against recent high.

EURJPY Trade Idea:

① Sell Limit @ 132.81 SL @ 133.75 Take Profit @ 131.75

② Sell Limit @ 133.14 SL @ 133.75 Take Profit @ 130.53

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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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