Get started
arieg1985

Potential Long Position for EUR/JPY_Trade Plan 2017.06.26

Long
Euro / Japanese Yen (OANDA:EURJPY)  
arieg1985  
OANDA:EURJPY   Euro / Japanese Yen
EURJPY LONG tradeplan daytrade uptrend pullback
6
0
eurjpy long tradeplan daytrade uptrend pullback
snapshot

Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level

Since price formed false break out to the upside from major D1 support area 122.807 - 123.638 on June 15, 2017, currently price is moving up above MA200 in all D1, H4, and H1 timeframe.
On last Friday, price also breaks out to the upside from the congestion area in form of Symmetrical Triangle Pattern.
Thus, the market bias is still up.

To follow the overall uptrend, wait for pull back to previous resistance area now turns to support 124.355 - 124.471.
If price shows some rejection to the upside from this area, can consider to long the market.
With Stop Loss 35 pips and Target Profit 70 pips, the potential trade offers 2.00 Reward-To-Risk Ratio.

As the second target, next resistance area 125.565 - 125.816 would be an alternative, with Target Profit 100 pips, Reward-To-Risk Ratio increases to 2.86.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.