EUR/JPY to go lower
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I suspect the EUR/JPY will start it's steady descent to a lower price. The price is consolidated within a descending channel and it seems as if though a double top has formed on the 1 h chart which is a good indicator of a bullish to bearish reversal (it might even be a triple top).
Using the Fib extension tool, I identified two possible take profit points. Placing a stop loss 40 pips from entry and placing your first take profit (TP1) around 210 pips and the second (TP2) around 275 pips, you'll get a nice 5.2 and 6.8 reward-to-risk ratio for TP1 and TP2 respectively.
Good luck!
Using the Fib extension tool, I identified two possible take profit points. Placing a stop loss 40 pips from entry and placing your first take profit (TP1) around 210 pips and the second (TP2) around 275 pips, you'll get a nice 5.2 and 6.8 reward-to-risk ratio for TP1 and TP2 respectively.
Good luck!
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