Saxo Group Videos

Coleman: Selling EURJPY as medium term remains bearish

Ian Coleman is planning to sell EURJPY at 133.80 with the medium term bias remaining bearish.

"An AB=CD formation is located at 131.40. The 61.8% Fibonacci level from the April-June move is seen at 131.90. This area is our medium term focus." Ian explains.

The selloff has posted a correction count on the daily chart and posted mild net daily gains but all trading is confined to the previous day’s range, an indecisive Inside Day.

Trades are within an intraday channel formation: high 133.85 low 133.00. Bespoke resistance is located at 133.94 and as this corrective sequence continues, we look to set shorts on a rally at better risk/reward levels.

Targets: 133.00 and 132.00

Resistance: 133.52 / 133.85 / 134.40

Support: 133.17 / 133.00 / 132.00

Stop at 134.20

https://www.tradingfloor.com/about/niird

01:25 minutes
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