As expected previously, EURJPY has made new highs and has reached the upper channel in an extended move. This provides an opportunity to short the market with a very tight stop, a moderate reaction to the down side is to be expected after such a move. This level could even provide a longer term resistence area. For this scenario I would place a sell with a stop just above the recent swing high and trendline - the red rectangle area. The closest take profit level should be the most recent swing low - the green rectangle area.

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