Today EUR/JPY hit an area of resistance around 137.45, forming a double top on the daily chart. We've been predominantly in an uptrend over the last several months, so long term, I'm still bullish. However, with the formation of the double top, now may be a good time for the pair to take a breather and retrace back to the rising trendline. Of course, it could go ahead and just break through the resistance, in which case I think we'd see a decent move up.
So, in anticipation of either move, I'm going to straddle today's price action with a buy above today's high and a sell below the low. Here are my orders.
- Long Entry: 137.506
- Initial Stoploss: 135.722
- Short Entry: 135.722
- Initial Stoploss: 137.506
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