EURJPY | Perspective for the new weekIt has been a choppy situation for EURJPY since mid last year as the price keeps juxtaposing between JY128 and 132.5 zones to emphasize the indecision in this market. With a very simple set-up floating on my screen right now on the 4H time frame, my expectation going into the new week remains bullish considering the rejection of the JY128 level which has a strong memory for buying power (see daily and weekly time frame).
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Trendline | Reversal pattern (Breakout)
Observation: i. A visual representation of a trend after connecting a series of prices with a line drawn over pivots highs shows the prevailing direction and speed of price in the last 2 weeks.
ii. Price action came back to the JY128 level during last week's trading session and was immediately rejected resulting in the appearance of bullish engulfing candles that broke out of key level on Friday to set the tone for another possible bullish wave in the coming week(s).
iii. I look forward to the breakout of the bearish trend line to confirm the buyer's strength.
iv. The early hours/days of the new week might see a drop in price into the key level or new demand level identified around the JY129 area to incite a Trend continuation.
v. Hence, above the key level at JY129.350 remains a comfortable level to take a long position on this pair... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward : 1:4
Potential Duration: 3 to 8days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks 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.
