After a long uptrend a correction came at the beginning this year around 860 pips and since then the market moves sideways. We could see a successful creation of double bottom
with huge engulfing
pattern and now the market is giving us a signal for a double top
. Firstly the market stopped at 132.43, but then it created falesbreak and pin bar
after which we can expect a decline of EUR/JPY
to 129.28. The idea of short is also supported by market touching Moving Average 200 which shows longer trends and now the market is under MA200. Moreover, MACD
indicator is showing us an overbought market. Just sell it, put stoploss above the pin bar
and takeprofit to support. That is the idea of this trade.