We've been watching EURJPY all week as it interacts with the pivot levels. After an initial downtrend price found the support before a clear momentum move to the update.
The whole time price action has been making clear moves to and around the pivot levels, giving multiple entry points.
The long plays on 26th and 27th were short moves with traps following, but price action was very clear when it bounced on the level compared to when it was decrementing it.
Todays move actually started with the low yesterday, and hasn't given any clear entries but if you were already long the pair going into the session price has been clear in its intentions to go higher. This shows how the levels can be used to give confidence to a working trade with the first take profit area being around 136.500-136.600 where price paused slightly.
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The whole time price action has been making clear moves to and around the pivot levels, giving multiple entry points.
The long plays on 26th and 27th were short moves with traps following, but price action was very clear when it bounced on the level compared to when it was decrementing it.
Todays move actually started with the low yesterday, and hasn't given any clear entries but if you were already long the pair going into the session price has been clear in its intentions to go higher. This shows how the levels can be used to give confidence to a working trade with the first take profit area being around 136.500-136.600 where price paused slightly.
Get access to our pivot points tool by visiting our store - link in bio
Comment:
I have linked our idea from April 26th showing how the level was being decremented before the down move towards ~135.500 level
