This trading idea focuses on the EUR/JPY currency pair on a 45-minute timeframe. The chart highlights several key elements:
Support Level: Identified at approximately 159.887, marked by a purple horizontal line. This level has shown historical significance, providing a potential area for price bounce.
Ascending Trendline: Starting from the low in mid-December, delineated by a blue line. This trendline indicates a bullish trend, suggesting potential upward momentum.
Buy Zone: A green rectangle marks this zone, with the top at 162.014 and the bottom aligning with the support level. This area is identified as a potential entry point for long positions.
Stop-Loss Zone: Highlighted by a red rectangle below the support level, extending down to 159.149. This zone is suggested for stop-loss placement to mitigate potential losses.
The idea is to capitalize on the expected bounce off the support level, targeting a price around 162.014 while managing risk with a stop-loss below 159.887.
Support Level: Identified at approximately 159.887, marked by a purple horizontal line. This level has shown historical significance, providing a potential area for price bounce.
Ascending Trendline: Starting from the low in mid-December, delineated by a blue line. This trendline indicates a bullish trend, suggesting potential upward momentum.
Buy Zone: A green rectangle marks this zone, with the top at 162.014 and the bottom aligning with the support level. This area is identified as a potential entry point for long positions.
Stop-Loss Zone: Highlighted by a red rectangle below the support level, extending down to 159.149. This zone is suggested for stop-loss placement to mitigate potential losses.
The idea is to capitalize on the expected bounce off the support level, targeting a price around 162.014 while managing risk with a stop-loss below 159.887.
Trade closed: target reached
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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.
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.