oops

EURJPY daily long

Long
FX:EURJPY   Euro / Japanese Yen
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EURJPY has finally broken out of its bullish pennant on the daily chart .

It will most likely retest first the old high from Sep shy of 104, but given the strong momentum will rally towards 105-106 handle, possible even towards a projected target from the widest width of the pennant towards 106.50-107.00 area

cheers KP

Comments

really a shame, but thats trading... having been in the money by 200pips but there was no follow-through on the buying side since end of Oct.
Now market really turned around, broke the uptrend trendline which started in July, even RSI is well below 50.

Have to stop out, pattern is not what I was anticipated. In fact, my pattern was forecasting a much stronger rally based on the potential bullish pennant, but in hindsight it was a bull trap with a massive negative divergence !

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