Hi Traders! EURJPY update and follow up of the sell opportunity is here. In the previous post here I mentioned that on the H4 chart we have double cycle up, currently it looks like this double cycle has completed itself. We also have a bearish divergence that has formed which we may consider as a confirmation for bearish pressure. Once we get a breakout of the uptrend line, we may start looking for sells. Lets see how this setup has developed now.
EURJPY H1 Chart:
Price moved exactly as per our plan and we got the breakout of the uptrend line, currently it looks like a correction is happening. If you want to be more conservative then wait for this correction to complete itself, mark the most recent uptrend line and then we can go short with the breakout of it (double trend line breakout principle).
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