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EURJPY 4H April 9, 2017 [Sunday] Downward Triangular Expansion

FX:EURJPY   FX Euro/Yen Jepun
116 0 11
Observation:
Price moves from Downtrend Phase to Consolidation Phase @ Nov. 28, 2016

Price moves inside a Downward Triangular Expansion and is at the second small downward channel .

Current RSI value is overbought.

Price is under 200 moving average.

Analysis:
Price might hit consolidation area at 115.909 as confirmed support area from previous price peaks.
Prolong RSI value overbought would most likely retrace price to being bullish .
Price under 200 moving average would mean to place short order. For a quick small profit, Short order can be good and take profit at support area (fib retracement at 161.80%) , whereas big profit, Long order can be good and take profit at resistance area (fib retracement at 78.60%).


Conclusion:
For SHORT, Risk is greater than Reward Ratio but has high probability of success because of RSI is overbought and price under 200 moving average. If place short order at Monday at opening market, take profit at fib retracement 161.80% and stop loss at the last peak @ 120.361.

For LONG, Reward is greater than Risk but need to wait. Observe if price reach support area and dynamic support of Downward Triangular Expansion @ 115.909 . If candlestick pattern shows a pinbar or 180 reversal near this area, then place LONG order and place stop loss at the next support area 113.954.

Komen: Observation:
Price just respected the Area of Dynamic Support.

Analysis:
Market is now undecided.
Wait for a retest on support area and place LONG with tight stop loss.
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