Took a few short positions earlier on EUR/JPY @ 106.613, 106.332, and 106.417.
106.60 has been an excellent area of Support / Resistance in the past when looking at the weekly charts.
Also, E/J had a nice run up last week but hasn't done much in the way of consolidating / profit taking which tells me there is more room to the downside before resuming its next leg up.
Dropping down to the D1 chart we can see that 104.55 provided good resistance on Oct. 22nd and Oct. 23rd. 104.55 also happens to be the 38.2 fib retracement from the Daily swing low of 100.317 on Nov. 13 and the Daily swing high of 107.12 on Nov. 26.
Target: 104.60
1st Chart - Weekly
2nd Chart - Daily
3rd Chart - 4 Hour
106.60 has been an excellent area of Support / Resistance in the past when looking at the weekly charts.
Also, E/J had a nice run up last week but hasn't done much in the way of consolidating / profit taking which tells me there is more room to the downside before resuming its next leg up.
Dropping down to the D1 chart we can see that 104.55 provided good resistance on Oct. 22nd and Oct. 23rd. 104.55 also happens to be the 38.2 fib retracement from the Daily swing low of 100.317 on Nov. 13 and the Daily swing high of 107.12 on Nov. 26.
Target: 104.60
1st Chart - Weekly
2nd Chart - Daily
3rd Chart - 4 Hour