EURJPY profit target reached once again, prepare to buy
Buy above 129.96. Stop loss at 129.50. Take profit at 130.78.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target for the 4th time in a row. We prepare to buy above major support at 129.96 (Fibonacci retracement, horizontal overlap support, bullish price action) for a push up to at least 130.78 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees long term ascending support line hold our bullish momentum really well.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on USDJPY, AUDJPY and EURJPY.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target for the 4th time in a row. We prepare to buy above major support at 129.96 (Fibonacci retracement, horizontal overlap support, bullish price action) for a push up to at least 130.78 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees long term ascending support line hold our bullish momentum really well.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on USDJPY, AUDJPY and EURJPY.