Here’s a daily chart of EURJPY. As I’ve mentioned before, the EUR has been range bound, so I’m looking to do a resistance play. I will enter an order short at approximately 143.50 on the EURJPY with at 50 pip stop and target the top of the middle channel (dotted line).
This pair has been trading inside the channel drawn. The pair is currently at the top of the channel also right below the 100 SMA. Short approximately at 1.1600 with a 50 pip stop. Target 1.1500 first, then 1.1400.
On this pair we have a another downtrending channel play. I am looking for a short entry when there is a candle close below the bottom of the middle channel. Ultimately, I am going to target the bottom of the channel, but look out for resistance or retracement at the .7200 price level. Exit the trade if the pair moves up to the middle dotted channel line, or the take profit at the .7200 price or bottom of the channel.