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EURJPY coiling for a move: Lambert

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February 17, 2017 clive lambert futurestechs, doji candle, eurjpy, saxobank.com, saxotradergo, tradingfloor.com
Clive Lambert of FuturesTechs explains why he is trading the EURJPY.

According to Lambert EURJPY has found resistance at 121.30 all week, and the last couple of candles have been tight range Doji. 

We are “coiling” for a move with the 4 hour chart forming something like an “Ascending Triangle”, and if we see a clean break of 120.70 that should trigger a move lower, he says.
  
Lambert looks to sell a break of 120.70, running a 50 tick trailing stop, targeting 120.25 and 119.35.
 
If we are not below 120.25 by the end of the day he’d cover the trade and have another look next week.

Lambert explains the background to a selected trade every Friday on Trading Floor.