EURJPY At Good Resistance Level To Sell
Updated
EURJPY is currently at a strong resistance level of 121.972. It is currently a good opportunity to sell here. Price has rejected from this level for at least 3 other times on the H1 timeframe.
Because we are selling right at the resistance level, the stop loss will be rather near just above the resistance level at 122.2 to give the trade some room to run. On the other hand, the take profit level will be much further down at 121.1. This is at an area of support.
I am currently in the trade at an entry of 121.82. Let's see how the trade goes!
If you agree with this trade, do give it a huge thumbs up! :)
Because we are selling right at the resistance level, the stop loss will be rather near just above the resistance level at 122.2 to give the trade some room to run. On the other hand, the take profit level will be much further down at 121.1. This is at an area of support.
I am currently in the trade at an entry of 121.82. Let's see how the trade goes!
If you agree with this trade, do give it a huge thumbs up! :)
Note
Trade running at +7 pips (121.75), moved stop loss to entry reason being I've spotted bullish divergence on M15 timeframe. This may indicate the price may break upwards to the resistance level yet again and try to break upwards. Will let the trade run with a stop loss at entry to see how the trade goes.Trade closed: target reached
Trade running well at around +28 pips, more if you entered the trade at a price higher than me. Set a trailing stop loss at a level you are comfortable with and just let the trade run :)Trade closed: target reached
Profit taken at +13 pips (121.68). I believe that there could be another move upwards towards the resistance level yet again and break upwards before a larger move downwards. Will take profit for now and wait to see how the market move so that I can re-enter the trade!
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