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EURJPY | Perspective for the new weekSince my last publication on this pair (see link below), it appears the Resistance level @ Y126.620 is not holding as price finally breaks out of this level last week to find a new Support level (Demand zone). Despite Europe having a lead over Japan when it comes to vaccination; The unfolding Covid-19 situation and other global events might have its toll on this pair in the coming week as both the European and Japan economy continues to struggle to contain the Covid-19 pandemic. Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand | Channel Observation: i. Since December 2020, price action has been caught within a channel of Supply and Demand ranging between Y126.000/127.000. ii. A breakout of this channel last week sets a new tone to the trend and might be the continuation of the rally that has gripped this pair since mid-last year. iii. In the coming week, I shall be looking out for a possible correction which might deep into Y126.400/127.000 area for an opportunity to go long. Trading plan: BUY confirmation with a minimum potential profit of 140 pips. Risk/Reward : 1:4.5 Potential Duration: 3 to 10 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
5
EURJPY – Short sell opportunity in progressEURJPY right now is in a interesting area. It has reach the top area in daily TF that got touched at 1st September high (daily inflection point). Whats more interesting is the price got rejected impulsively as soon as it touched the area. In lower TF,now the price is looking like forming a possibly bearish flag structure. If this this corrective structure really shape into a bearish continuation structure in upcoming few hours / days, I will wait for a break of this continuation structure to confirm the move to the downside with SL above the structure. Afterall, this trade is still in forecast, and if the continuation structure failed to form than I will skip this pair for a little while as it havent tagged my ultimate high area for selling at 128.000 For now, lets see how will this pair develop. Good Luck __________________________________________________________________________________________________________________________________________________________________ Here is the MOA FX technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the MOA Fx strategy will trigger. __________________________________________________________________________________________________________________________________________________________________
Short
by moa_trading_journal
Hi traders. Possible bull trap formingHello Traders, Avramis Swing has suggested a possible Bull Trap forming on EUR/JPY H4 Chart @125.774. The Fibonacci levels outline potential targets, with an invalidation level at around 126.729. Let us know your thoughts in the comment section below. We will execute this trade once all our rules are aligned. We suggest keeping this pair on your watchlist. Trade Details Entry: Sell Stop @125.774 Stop: 126.729 Target 1: 125.211 Target 2: 124.256 Target 3: 122.699 Time Frame: H4 Trend: Down Pattern: 11 Overall score: 5 We suggest closing half your position @Target one and moving your stop loss to the breakeven level. Leave the remaining position for Target two.
Short
by AvramisSwing
EURJPY – The completion of Diagonal PatternEURJPY – The completion of Diagonal Pattern and the advent of the uptrend In the daily chart, the Ending Diagonal pattern has been completed in the range of 144.39, and the price has been able to cross the end of the 4th wave (122.84) with 5 ascending waves, and extended up to the range of 127.07. According to this pattern, the target for the uptrend in the first stage is the range of 133. In the 240-minute chart, the price with Double ZigZag pattern has reached to the range of 121.61, we can have this probable scenario in which the 2nd wave is over. In order to confirm the uptrend, the price should be stabilized above the range of 125.08, in addition, if the price crosses the range of 121.61, this scenario will be nulled, and we will probably encounter a Complex Pattern in 2 wave
Long
by NirmataFX
4
EURJPY, daily tf, double top pattern to materializeHello my friends, I hope you all enjoy your weekend and have a great trading week during this US Election week. I am gonna share some setup for you all but before i start, let's review the previous week performance. First position is GBPJPY sell at 136.45 which hit my SL for -70 pips. I lost 2% from this trade Second poisition is GBPAUD sell at 1.8300 which i closed at 1.8060 for +240 pips. I managed to banked 6% profit or 3R Third position is GBPCAD sell at 1.7170 which i closed at 1.7000 for +170 pips. I banked 5.6% profit or 2.8R I still got some positions floating through the weekend and please check my posts if you missed it. Let's start with EURJPY analysis. As you can see, it looks like EURJPY made a double top pattern and price already broken below the neckline. This upwards movement looks like a retest to me and it could be a good sell/short opportunity. Counting the measured objecive of this double top pattern, it shold be around 121.00 So we could try selling it for 190 pips drop. Thursday candle looks like a bearish pinbar indicating sell pressure, and Friday candle looks like an inside bar of previous candle. With this 2 candle forming exactly at resistance, i expect price to drop because sellers are in control for now. Sell EURJPY 122.80 Stop loss 123.30 Take profit 121.15 (3.3R) RR ratio 1 : 3.3 Use only 1-2% risk Good luck
Short
by HayatoDragonFX
1