Let’s take a look at one of our favorite pairs – the EUR/JPY.
We saw a steady move up from early in the year and now we’re looking at a potential 3 wave retracement.
It does seem there is more potential downside pressure. Look for a potential price point 113.00 and below. If we see it break past that level, then look for a potential price point down to the 111.00 area.
Be sure to use your money management and appl your stops.