EUR/JPY Weekly

EUR/JPY Daily

Details

 On the weekly chart, the price is forming a potential triple top after a rejection at the 110.91 resistance while holding above both its MAs and after it has broken above the downtrend channel.

 A downside correction for the 102.35-110.91 ascendent wave is also pending.

 Our medium to long term setup is to sell at the current price with a stop loss above the range and the triple top at 112.45 and a target at 104.49, near the Fibo 38.2 level of the 102.35-110.91 wave.

 On the daily chart we have the pair consolidating below the 110.71 resistance, further improving the prospect of a triple top and a downside correction for the 102.35-110.91 wave, while holding above both its MAs.

 Our short to medium term setup is to sell at the current price with a stop loss placed above the potential triple top at 112.10, a target at 107.37 near the Fibo 61.8 level and a second target at 104.78 near the Fibo 38.2 level.

Weekly (Medium to Long term)

Sell now

Stop loss at 112.45

Take profit at 104.49

R:R 300/500

Daily (Short to Medium term)

Sell now

Stop loss at 112.10

Take profit 1 at 107.37

Take profit 2 at 104.78

R:R 170/540

Goldenschild Asset Management

http://www.goldenschild.com

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hughes.andre