EURJPY Trade Idea: Bullish Reversal Setup
I am currently monitoring EURJPY for a bullish reversal with a potential move to the upside. The price action is forming a solid base around the key support level at 160.000, which has held strong in previous tests.
Key Support Level: 160.000
Trigger: A successful retest of the 160.000 support level will confirm this level holding, giving the pair a foundation for the next leg up.
If the price holds at 160.000, I anticipate the formation of a higher low, setting up for a rally toward the next major resistance at 167.500.
Trade Plan:
Entry: Upon a successful retest and bounce from the 160.000 support level.
Stop-Loss: Below 159.000, slightly beneath the key support level to allow room for price fluctuations.
Target: First target near 167.500, which corresponds to a major resistance and recent swing high.
This trade offers a favorable risk-to-reward ratio, and the potential for a significant upside move as the pair resumes its upward trend.
Eddy C | Swing Trader 📊
Key Support Level: 160.000
Trigger: A successful retest of the 160.000 support level will confirm this level holding, giving the pair a foundation for the next leg up.
If the price holds at 160.000, I anticipate the formation of a higher low, setting up for a rally toward the next major resistance at 167.500.
Trade Plan:
Entry: Upon a successful retest and bounce from the 160.000 support level.
Stop-Loss: Below 159.000, slightly beneath the key support level to allow room for price fluctuations.
Target: First target near 167.500, which corresponds to a major resistance and recent swing high.
This trade offers a favorable risk-to-reward ratio, and the potential for a significant upside move as the pair resumes its upward trend.
Eddy C | Swing Trader 📊
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.