EURJPY Forecast and Trade setup for the week 24th March, 2014

EURJPY Forecast and Trade setup for the week 24th March, 2014

Daily Chart

• Stochastics is having a positive divergence, however due the the market condition of the Nikkei index, I am biased to the downside

Hourly Chart

• Broken ascending trendline
• Negative stochastic divergence
• Ichimoku Clouds is nearing which could do as resistance
• I also see a cypher pattern complete right now on the hourly / 4hr

Outlook Trade opportunity

At writing this analysis, I have entered a short position targeting 139.90. However risk is high as we are trading close to support than resistance.

Risk Level Medium

Tips -

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