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EUR/JPY

EUR/JPY

Thomas Long, Course Instructor

This hourly chart shows the move up off of the low play out in a series of higher lows and higher highs. When that pattern changes back to lower highs and lower lows, we want to be in a sell position. I see that happening on a move down through the 109.298 level as shown on the chart. Traders could sell on that break down through support and place their protective buy stop above the 112.032 buy side high. Target to take profit should be set at twice that risk for a 1:2 risk:reward ratio.

eurjpy 708

 

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