This is gonna be a more in-depth an analysis.
We are looking on EURJPY , but we are in generall looking on the JPY. The last week we had a extremly week on the EURJPY and we dropped from around 137.000 down to around 132.000. On the way to that point we crossed a support line around 133.000 and dipped on the 132.000 support line. It turned out that we probably saw a fakeout between these levels. The first support gets broken without much pressure. The second one on 132.000 showed how strong she is and kicked us back above the 133.000 support line.
We are currently still below the 50 as you can see in the chart. In result off the strong 132.000 support line i am going to predict that we will change the trend and start into a week. We will probably see that we are going above the 50 and changing the Trend. We also can see that the gave us a signal to go long. In combination with the support line i think we can use that as a little bit more confirmation to be confident on our long position.
We also can see on the Major JPY pairs ( USD/JPY ) & ( GBP/JPY ) a absolut identical movement.
I was also looking on some Renko charts on diffrent Time frames. The Renko charts on 4 hours & 1 Hours are still facing downwards. But on the 30min Renko chart u can see a movement going . The first Renko box was already made and the second one was half done before the market closed. So i gonna take this as a early sign and a bit more confirmation.
As you can see i have made some Target Predictions. These are calculated by the movement from last weekend. The Price range insde the channel is around 2%. So i have 4 targets around 0.5% away from each other.
Moast probably i am going to open a other long position on these levels. But about the rebuys i will update you in these Idea.
So i am going Long on Marketprice as soon it opens at 9pm CET (Central Europe Time). I do exactly the same order on 3 pairs.
Buy @Marketprice USD/JPY (x100)
Buy @Marketprice EUR/JPY (x100)
Buy @Marketprice GBP/JPY (x100)
If you have any question feel free to ask here in the comments or join our whatsapp group. ( all Informations below in comments )
Have a nice trading week
I am happy that so far everything worked out well.
As predicted we are going long now. I personaly took my profits out and gonna change my strategie now. I am going to re-enter as soon we get over the blue line (133.643) if we get over this i am in for a other long position trying to face the Target 1 Line. If we Enter on the blue line our Stop-Loss is on our SMA50 (133.357)
So overall Take your profits now ( +25% ) wait till we moved 2 ticks over 133.643 and enter a Long position. Targets are the same. Sop-Loss 133.357.
Like always happy trading and good luck
Now we are doing what we said we are going for the sell off and sell till our Short target wich is on 132.200. After that we will see if the 132.000 support line holds or if we bounce back.
gl trading my friends