The EUR JPY has approached an intermediate horizontal resistance area.
Looking for movement away from this supply zone.
Entry - 123.80 ( monthly pivot point )
Stops - Choice of 3
1. Moving average cross - 124.50 ( Aggressive stop )
2. Recent Price High - 125.85 ( Conservative stop)
3. Prior Resistance level - 126.50 ( Also monthly R1 pivot)
Targets
1. 100 day MAV - 121.15
2. 200 day MAV - 119.45 ( Also the monthly S2 pivot , and close to .618 retracement)
Reward Risk positive. :)
Looking for movement away from this supply zone.
Entry - 123.80 ( monthly pivot point )
Stops - Choice of 3
1. Moving average cross - 124.50 ( Aggressive stop )
2. Recent Price High - 125.85 ( Conservative stop)
3. Prior Resistance level - 126.50 ( Also monthly R1 pivot)
Targets
1. 100 day MAV - 121.15
2. 200 day MAV - 119.45 ( Also the monthly S2 pivot , and close to .618 retracement)
Reward Risk positive. :)