EUR/JPY Double Top

Is it just me, or did the last two weeks fly by? Actually, please don’t answer that. 🙂

Well, after a much needed R&R stint away from the markets, I’m back on deck at Vantage FX and ready to hit the ground running on the blog!

Unfortunately my computer wasn’t as ready as I am…

…But finally I’m up and running again, with MT4 firing on all cylinders.

When I left, I made sure to clean up the short term lines and boxes on my charts, leaving only the higher time frame levels.

Without opening my charts for two weeks, the levels that are left in tact are amazing. One such level being the EUR/JPY high that was also touched from the opposite side back in February 2016, now having morphed into a perfect double top.

EUR/JPY Daily:
Click on chart to see a larger view.

After EUR/JPY cleared the resistance level we were watching previously, price has failed to make a higher high and given this clean setup.

With price looking like it’s held on the higher time frame, the opportunity comes now in stepping down to the intraday charts and looking for short term rallies to sell into.

I personally like taking this extra step because it allows me to clearly define my risk:reward, while giving me the opportunity to manage trades day to day.

We’re going to post this higher time frame chart both here and on the @VantageFX Twitter account and start the conversation there. It’s from this thread that we’ll hopefully be able to watch and trade the setup as it unfolds live on the intraday charts that we can all see and share.

While you’re trading forex with the best European forex broker, come and share your EUR/JPY thoughts and charts with us. We’re always happy to RT and chat about any trading setups you might have spotted.

Dane Williams – @VantageFX

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Source: Vantage FX Blog