The EUR/JPY is trading with a bearish bias at the 126.497 level, violating the support level of 126.497, which now is working as a resistance for the EUR/JPY pair. On the lower side, the EUR/JPY pair may find support at the 126.250 level, and further support can be expected at 126.100. The MACD value has crossed below 0, supporting selling bias as histograms are being formed under zero. The recent bearish engulfing candle on the hourly timeframe suggests strong odds of selling the EUR/JPY pair. Let’s consider selling trades in the EUR/JPY today.
Entry Price – Sell 126.45
Stop Loss – 126.85
Take Profit – 126.05
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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