Trading a potential EURJPY supply level

Market opened without much movement, but I shorted this trade based on the potential supply level formed over the late February, 2015 highs. Price closed into this zone on Friday’s close so I’m trading the open now. 

EURJPY

Another confirmation of a short trade is the lower fractal high. This, while not always reliable, is one of the first indications of a trend reversal. In other words, the price was unable to break new highs. This means that buyers are no longer pushing the price higher and most likely be unloading their positions.

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