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Euro / Japanese Yen

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EURJPY trade ideas

EURJPY to find buyers at current swing low?EURJPY - 24h expiry We are trading at oversold extremes. This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher. Preferred trade is to buy on dips. The hourly chart technicals suggests further downside before the uptrend returns. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher. Although the anticipated move higher is corrective, it does offer ample risk/reward today. We look to Buy at 162.20 (stop at 161.18) Our profit targets will be 164.70 and 164.95 Resistance: 164.90 / 167.40 / 170.90 Support: 162.45 / 159.40 / 154.40 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Long
by OANDA
EUR/JPY ShortAfter a long time, I am placing a short trade on EUR/JPY. This is a short position where I’m risking about 5% of my account size on this setup. The key level I’ve been watching for quite some time is the supply-demand zone at **166.79**, which has been consistently pushing the market towards a sell. Now, there are two possible scenarios: 1. The market could experience a significant downturn, dropping sharply. 2. Alternatively, the market might enter a sideways zone. If the market moves sideways, I anticipate it could range between **166.79** and **153.94**. Either way, whether the market sees a sharp decline or consolidates sideways, this setup is designed to remain profitable. Thank you, everyone! That’s my take on this pair and setup for now. **Date:** 21/11/2024
Short
by Adrian_Rahssan
EURJPY SHORT 200PIPSKey Levels: Resistance Zone: Identify a strong resistance level where price shows repeated rejection (e.g., Fibonacci retracement level, previous swing high). Support Zone: Ensure the 200-pip target aligns with a significant support zone or pivot area. Indicators: RSI/Overbought: Look for RSI divergence near overbought levels (>70). Trend Indicators: Check moving averages (e.g., 50 EMA and 200 EMA crossover) to confirm a bearish bias. Chart Patterns: Patterns like double tops, head & shoulders, or a trendline break may provide confirmation. Example Setup: Entry: Near a resistance zone at 158.50 (example level). Stop Loss: 50 pips above at 159.00. Take Profit: Near 156.50 (200-pip range). 2. Fundamental Factors Monitor: JPY Fundamentals: Look at Japanese monetary policy or interventions from the Bank of Japan, as they often impact JPY pairs. EUR Sentiment: Analyze ECB statements, European economic data, or geopolitical news that could weaken the euro. Risk Management With a 1:4 risk/reward ratio, this setup is attractive if it aligns with broader trends. Use position sizing to limit exposure to 1-2% of your trading capital per trade.
Short
by LORDOFTHETRADERS