Short term (Intraday)
119,50. EUR JPY broke 121,40 support. EUR JPY is in a consolidation after the last bearish movement. The volatility decreases. Bollinger bands are tightened. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR JPY. The price should find a resistance below 120,00 (50 pips). The downtrend should continue on 115,00 support (450 pips).
=> We could take a short position at 119,50. We will put the stop loss above 120,30 (-80 pips). The targets are 116,60 (+290 pips, risk/reward 1:3.6), 115,00 (+450 pips, risk/reward 1:5.6) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.
Resistances
120,00 - 121,40
Supports
117,70 - 116,60