Euro / Japanese YenUpdated EUR/JPY 4HR // 23 April 2024 Analysis
Last week, EUR/JPY respected the uptrend it has on the 4HR timeframe and moved about 250 pips from the previous area of support at 162.500.
We can see that it has been holding the 165.000 area as a strong resistace where price has tried to break it a couple of times but has always rejected.
As it has been in an uptrend, we could see a potential break of the 165.000 level.
For potential buys, we can wait for it to break and retest the area with the target being the 167.500 area.
There is also PMI news coming out for the Euro in a couple of hours so we can expect to see good movement in the market.
We can see that it has been holding the 165.000 area as a strong resistace where price has tried to break it a couple of times but has always rejected.
As it has been in an uptrend, we could see a potential break of the 165.000 level.
For potential buys, we can wait for it to break and retest the area with the target being the 167.500 area.
There is also PMI news coming out for the Euro in a couple of hours so we can expect to see good movement in the market.
Trade active
Yesterday, EUR/JPY broke and retested the 165.000 level.Trade closed manually
Took an entry just after this big 1HR rejection candle from the 165.000 area. Took partial profits along the way and closed all positions near the 167.000 whole number area.
Totalled around 175 pips.
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