By: Michael Chandiramani, FXRenew trading desk
Pair: EUR/JPY
Direction: Short
Setup: Given the over-extension of the JPY pairs, we have been looking for opportunities to profit off a possible correction. EUR/JPY is currently trading right at a trend-line that can be seen by connecting the lows of a 4-hour chart. We will patiently watch for a potential trend-line break lower and look for a bear pattern to emerge OR a retest of the backside of the channel as resistance.
