Asian Session Trade Ideas - Short term EURJPY Shorts Favored ( scalps )

Why ? - Recent Bad Data out of Europe

Supportive Information and building the case.

Longer Perspective

EURJPY Monthly chart Trendline Break

Link - https://www.tradingview.com/x/kPPxlNqX/

Medium Perspective

USDJPY Daily Chart currently trades within a horizontal resistance zone with 50 Day Moving Average as further resistance providing further confluence ( Red Line )

Link - https://www.tradingview.com/x/rTPye1vP/

EURUSD Daily Chart - Whilst price is sitting right at support should have upside capped awaiting the ECB

Link - https://www.tradingview.com/x/zeEEjFub/

Short Term Perspective ( Telemetry )

Whilst scalping EURJPY Im looking at Hourly Charts on USDJPY and EURUSD ( see below )

If USDJPY breaks above 108.28 to the upside , then my thesis for shorting EURJPY is finished.

If EURUSD price breaks the downward Trendline to the upside and more so breaks through the yellow zone above 1.13600 then my thesis for shorting EURJPY is finished.

Immediate driver - Keeping a close eye on the EURUSD September futures pricing , If price stays under the VWAP Volume Weighted Average Price ( white line ) we stay in the short , if price moves above the white line , I revert my attention to the hourly charts and may consider cutting the trade , and look for price to fall back under the VWAP to re-enter Short.

Link for VWAP - http://s1.bookmap.com/?id=5d38fefab43fd

By 4pm AEST will go flat as we near the ECB a few hours afterwards

Muskets at Dawn Adios Amigos

FXcrypto