Short trading setup for the EUR/JPY pair, driven by the ECB's cautious policy stance and bearish market sentiment towards the pair. The technical analysis highlights minor support at 158.00 and additional support at 157.00, providing a basis for the trade setup. Entry position at 158.50, with Take Profit levels set at 157.00 and 153.91, and a Stop Loss at 159.50. This setup aims for a favorable risk/reward ratio, targeting a more significant profit at Take Profit 2 while minimizing potential losses with a tight Stop Loss.
entry point: Short position at 158.50 (anticipating a rise before a potential downward move given the bearish sentiment)
Take Profit 1: 157.00 (near the identified support level)
Take Profit 2: 153.91 (near the lower forecasted level for the end of 2023)
Stop Loss: 159.50
entry point: Short position at 158.50 (anticipating a rise before a potential downward move given the bearish sentiment)
Take Profit 1: 157.00 (near the identified support level)
Take Profit 2: 153.91 (near the lower forecasted level for the end of 2023)
Stop Loss: 159.50
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