EUR/JPY has been moving sharply to the downside easily seen on the higher timeframes (Daily and 4H). EJ has broken a major well respected area of support that has been identified on the Daily timeframe and over the course of the last 2 days, the market has retested the break @126.170 as resistance seen clearly on all timeframes. Along with the retest, there is a 3rd touch of the trend line that represents the downtrend, acting as another confirmation to get involved in a sell position. On the 30 min chart, you can see a clear rejection from 126.170. There is also a more minor area of support I have identified on the 30 min chart that the market has broken. There is now a retracement taking place which gives the opportunity to get short @125.960 area.
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I will keep you guys up to date on this idea, whether I execute or not.
Be sure to follow me for notifications on the update of this idea!
Feel free to like this post if you agree with my idea!