On Daily chart of EURJPY a bearish pin bar appeared on 20th of April. In the same time on MACD we can see a bearish divergence which suggests some more declines in coming sessions. If price is able to break the channels support , declines will be imminent.
An Inside bar appeared on H4 chart. The maximum of the candle forming the formation is the local maximum – the formation is valid (rule 1).
A breakout has already occurred (rule 2). The MACD has turned downwards (rule 3) – a sell can be planned – all points of my strategy PA+MACD are filled. Previously on 18th of March a similar situation (a bearish break-out) led to significant declines. I’m bearish on this pair from now on.
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