EUR/JPY - Shot - Weekly

Hello TradingView Community,

I would like to share with you a trade that looks like it could have a very good return. As we can see the pair has been in decline since April of last year. We see that it has already closed below the 23.6% Fibo retrenchment level, but it has also broken a support level @115.463. This level was created during the consolidation period from the end of June until the beginning of November of 2016 before it broke out to the 38.2% Fibo level. I have already entered the trade and look to stay short until the pair reaches another hard support level @112.584. Now if it breaks this level as well, you could look to short it even longer, possibly until it hits the 0 Fibo level @ 109.545, however I would expect a little pullback in the short term before that happens. Also, not shown on this chart is the pair has broken through the bottom of the Ichimoku Cloud which has not happened since October of 2015. That break resulted in the pair moving from 133.636 to as low as 109.307.. That is MASSIVE. For anyone using a standard lot size of 1, you could have made 5 digests+ in the span of 8 months. Good Luck to all of you!
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