EURJPY: Sell opportunity on the 1D MA200.

The pair is trading within a long term Channel Down since January 2018. The indicators on the 1M chart (RSI = 43.115, MACD = -1.830, Highs/Lows = -0.2436, ADX = 48.768) suggest that the price is approaching desirable sell entry levels.

On the 1D chart we see that the MA200 has been holding as a Resistance for more than a year (since October 2018), so since the price is now trading close we can consider it an optimal sell entry. Based on the one occurrence when the price crossed above the 1D MA200 (but still made a Lower High on the Channel Down and was rejected), the maximum upside limit is around 123.500. Our target is the 116.000 1W Support.




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