What is the price action analysis of the EUR/JPY telling us

Lower top and deeper bottom – correction, a change in trend.

Double top up to 138.85, breakthrough the support and foundation of the figure, increasing the chance of a new descending momentum.

50% correction of the previous strong bearish bar, followed by a new descending momentum, the negative formation is strong.

Two corrective candles in descending movement, absorbed by a strong bearish candle in the direction of the movement – a signal confirming the direction of descending movement.

In order to minimize risk and a better risk/profit ratio short position after a slight correction to 137.72 and stop 138.45.

Stefan D. Angelov – Head of Stocks Trading

 Varchev Traders

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