On this weekly chart, we are drawing Pitchfork channels on EURJPY.
On the monthly EURJPY chart, we can see that the pair has reversed from the uptrend Pitchfork channel median line 150 level and has tested and bounced off the 110 level Pitchfork channel support line.
The weekly chart is revealing a newly formed downtrend Pitchfork channel where the pair will soon go for a test of 200 SMA (BLUE LINE) 129.240 level in a new leg down. As long as it is below the 132 level look for a bearish extension into the 125 level.
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. Look early next week for a short trade entry with the SL above the 131 level with the target at 127 level at least.
Happy trading! (click on the chart to enlarge it)
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