We see a potential trade developed on EURJPY. Its failed attempt to break 113.00 shows us there could be downward extention on this. As we look at the charts it has formed a megaphone pattern by which it shows bearishness and also a failed ascending triangle as well. If we closely look into it there was another megaphone pattern inside megaphone. So the most possible scenario is bears to take over control on this. Our scenario is to go short on this pair targeting 111.20, 110.50 & 110.00 .

Please look at the picture published on this page to view exact trading set up and scenario. We hope this turns out to be a good risk to reward trade. We hope all members will take an advantage of this potential trade to bank in pips and happy trading !!!! .