EURJPY downside reversal beginning?
Despite the weaker EUR on the back of the beaten Yen, EURJPY is reaching the top of channel 140. It is pulling back after the rejection and is now retesting 138. Another rejection will lead to a deeper pullback into 132, a previously substantial consolidation upside resistance. Going long here is not advisable as we had five waves from the bottom of the channel. As long as the pair is below 138, look for the short trade entries.
Note: look for the short trade entries with the stop loss above 138
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