EUR / JPY: 21/03/13 10:42HRS

EUR / JPY:

EJ has been making lower highs and lower lows on the medium term charts.

There is sloping trend line resistance, shown on the chart below

Chart below:

 

 

Price has broken down this morning and I am looking for a short position as detailed below.

 

Levels and chart below:

 

1st Entry: 123.40

2nd Entry: 123.60

 

Averaged Entry: 123.50

 

Stop Loss: 123.85

 

Target: 121.85 (5%)

 

 

I will update again should the trade be triggered.

 

Regards