Eurjpybreakout
EURJPY BULLISH SIGNAL CALL.The price finding support area at 115.46-116.63. Bullish as long as support area at 115.46 remains intact. As intraday trading strategy. we must get bullish signal confirmed by trading above 117.764 with potential target at 119.03- 119.89.
EUR/JPY1. Price may continue going down to .382 (S3), if it breaks the S3 price should retrace off the channel and go into an uptrend.
2. Possible reversal at 122.417 & 122.216
4. Once the resistance level at 122.739 is broken it turns into support for the uptrend
5. Once uptrend starts price may retrace 2 times before reaching target.
6. Watch for the retracement and exit trade "long and re-enter "Short" until the indication of the next uptrend
1,260 or more Possible Pips gained, if entries are on time
EURJPY 1hr 2mo wedge breakoutcrossing short term MA and the big blue holding as resistance at the top of the wedge. If we break through that there is significant upside coming; downside is a trade with the trend to at least the bottom of the wedge
Today's Chart - EUR/JPY
Today's Chart: :EUR/JPY ( HOURLY )
The primary trend of EUR/JPY is bullish on charts and price is trading below the trend line in its hourly chart. In hourly chart the price is sustaining above 200 day SMA and taking resistance of 50 day SMA indicating downtrend of the pair. It is having an important resistance at the level of 131.65 and support at the level of 130.02. If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS
MACD is sustaining in its negative territory indicating the bearish trend in the pair.
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY
EUR/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra-day to mid-term positions in it.
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