EURJPY - Ending wedge offers a downside bias

Technical

I am not a great fan of trading non-farm payrolls. I sometimes find you have the correct view, only to be ‘spiked out ‘of your trades on the initial move. This results in me having a far more flexible stop policy, something that goes my system (normally stop above or below trigger candles).

I also ‘think’ that we will see a move lower in JPY crosses. More in EURJPY and GBPJPY than USDJPY as EURUSD and GBPUSD both have limited upsides. Taken a very small short in EURJPY. It is only half a signal (two out of three of my set parameters)

Monthly: Trend of lower highs comes in at 140.00. The most important factor here is the congestion zone all the back from 2003
Weekly: Traded to the highest level in 128 weeks. We have broken through the Fibonacci congestion zone. A weekly close to current levels will post a bullish outside week and lead to further buying. However, we are yet to close!!!

Intraday (one-hours) – The most important timeframe in this outlook:
1. Close to a correction and exhaustion count (DeMARK)
2. Ending wedge. Measured move 135.22
3. Bearish outside candle on the one-hour chart.