Friday, April 5, 2013

EURJPY Short Trade Plan H4 EURJPY Short Trade Plan
Although after today's Yen weakness, shorting XXXJPY pairs is not a good idea but the today's moves seems exorbitant. 
I also favor shorting Yen, but currently I am looking for a pullback. Its purely a technical trade and currently price looks very overbrought on all timeframes. 

There's a descending channel on H4 charts and price is trading inside it since last week of Jan-13. Price is near to channel's upper trendline. 

I plan to short, small size, on touch of the channel. That area comes around 124.75/80. I am looking for a pullback. Stop will be on H4 close above the channel. 

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