‪EUR/JPY 300 pip limit reached, buy orders have been triggered‬

Hi guys, I hope you’re all keeping well.

If you missed my previous post, then you can find it here:

I have now closed out all sell trades & my buy orders have been triggered.

The plan hasn’t changed as of yet & at this stage I’m expecting the longer term bullish trend from the previous few weeks to continue, after reaching the target of 0.618 (120.598) Fibonacci retracement level.

The ECB as you may be aware, are injecting a total of $1.35 billion in to the economy which provides backing to my technical analysis from a fundamental standpoint.

I still haven’t ruled out the possibility of a slightly further fall to approximately 120.200. This level contains a double support which is the rising red diagonal support line as well as the 4hr 100 MA.

If it does fall to that level today, I will slightly increase my buy positions.

Apart from all of that, I’m expecting this weeks bearish trend to end and some retracement to form today. This retracement may then form the continuation of the longer term bullish trends on the daily & weekly charts.

The target I’m looking for at this stage is 129.371 over the coming weeks.

If plans change due to unforeseen circumstances, I will update you via this post immediately.

If you have any questions or if there’s anything I’ve missed then please let me know in the comments section & I will get back to you as soon as I can.

Thanks for taking you’re time to read this post, I really hope it can help you in some way.

If this post helps you in any way, then please drop me a like below.

Good luck to all traders 🍀

Comment:

Good morning guys.

Market is back open and I’m still following the plan at this stage.

I’m watching closely the 4hr chart right now. There are 2 critical supports overlapping:
-Resistance line dating back to the 6th May
-100 moving average

If there is a break and hold below these supports then plans will most like change & I will update immediately.

If the supports hold up which I believe they will at this stage, then trade will continue as noted above.

Let’s all have a great week.

Comment:

The target I’m chasing at this stage is 122.100.

If the supports mentioned above are broken, then positions will be hedged with sell positions targeting the 119.61 Fibonacci Retracement level.

Comment:

Good morning followers,

The double support that I mentioned yesterday was touched & tested and has bounced off as anticipated.

At the time of the update eurjpy currently sits at 121.700. Only 40 more pips to reach the first target. If target is reached today then positions may be temporarily closed manually, depending on analysis at the time.

I will update this post again as soon as I make any trade decisions.

Good luck traders.

Comment:

Hi again followers.

I’m beginning to stagger my sells and close some positions as we are now nearing the target.

I’m thinking at this stage that we may see some resistance from our target Fibonacci Level. If this happens, I will use the resistance/pullback to reassess & possibly open new positions at levels which will depend on my indicators & analysis at that time.

Thanks for your time and support.