EUR/JPY - another push to the upside is coming
EUR/JPY had a strong impulse to the upside last week, now is approaching back the lower band of the channel. Retail traders are 50 50 on this pair, market makers will probably keep the price in a range for short term.
From a technical perspective, we want to see this pair retest the 122.50- 80 resistance zone. Best entry for longing EUR/JPY is just under the 200 MA liquidity area aligning with the previous neckline of W formation.
Entry zone: 121.20- 35. Take profit target is the retest of previous resistance, 122.20.
COT Data also shows weak Yen for the longer term, Euro starts to also gain momentum, so the retest of 122.50 is highly probable.
Traders, If you find this complete analysis on point, please subscribe for more free market analysis to come. Let me know your view on this pair in the comments below.
From a technical perspective, we want to see this pair retest the 122.50- 80 resistance zone. Best entry for longing EUR/JPY is just under the 200 MA liquidity area aligning with the previous neckline of W formation.
Entry zone: 121.20- 35. Take profit target is the retest of previous resistance, 122.20.
COT Data also shows weak Yen for the longer term, Euro starts to also gain momentum, so the retest of 122.50 is highly probable.
Traders, If you find this complete analysis on point, please subscribe for more free market analysis to come. Let me know your view on this pair in the comments below.
Comment:
Because of the ECB Statements, the euro was melting today, falling below our entry zone. We expect now a retracement from the bottom line of the channel. However, we will monitor the price and update this trade.
Comment:
Stop loss zone of 120.0 taken out. Now we should see the push to the upside soon. At least our entry zone where we will monitor price action.
We are always advising using small position sizes. Our strategies are based a lot on holding time, even if the swings are not happening from our entries always. We are still holding positions unless we update the closing of the trade.
Drawdowns will happen, be prudent.
We are always advising using small position sizes. Our strategies are based a lot on holding time, even if the swings are not happening from our entries always. We are still holding positions unless we update the closing of the trade.
Drawdowns will happen, be prudent.
Trade closed manually:
BE close