vlad.adrian
Long

EURJPY - Broke major support today

FX:EURJPY   Euro / Japanese Yen
291 0 6
When I woke up, I did my normal routine and checked out the quotations in my platform and then read some news. I did not check out EURJPY             as I did not have it in my platform. Reading the news, I saw an article that said EURJPY             broke down major support and is very bearish . Then I knew it was time to buy. I hadn't looked at this chart for 3 4 days, and when I saw it this morning... Well I don't think it can get much better than this. We have a weekly double bottom , a false breakdown, a bullish divergence on the histogram and longer term momentum diverging from price. Fundamentally, my little knowledge tells me that there is no reason for the Euro             to rally, but it might not be about the Euro             rallying, it might be about the Yen weakening. Well, Kuroda did not say anything new in his press conference this morning so I don't have any idea what is going to happen with the fundamentals.

I see two trades here. One is to 138.5, and I'm as certain as one can be about it. This type of trade has an enormous degree of accuracy. Second trade, which I'm not sure about, is accumulating a position to target 142 and 145, at least!

I already bought this a few hours ago, but I still did not make up my mind when I'm going to sell and if I'm going to add. What I'm pretty sure about is that this pair will go up, at least to 138. I've been wrong many times, and I will be wrong again.

Weekly double bottom here
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