Confluences for Trade: - Stochastic Overbought momentum (1D, H4, H1) - Reversed against the Fibo Retracement 50% line - Fundamentally, Italy's budget story has yet to be solved, EU-Italy discussion continues this week; expecting further volatility. In addition to that, higher chance of Democrats taking over the House will add political uncertainty and lead the EURJPY down with this pair normally being a risk off pair.
Suggested Trade: Entry @ Area of Interest 129.45 - 129.90 SL: 130.38 TP: 128.32 RR: Approx. 2.27 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Trade active
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Comment
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Lock in profits for half the position and move SL to BE.
We have a bullish view bias on EURJPY. We see it pulling back to its overlap support at 129.31 before making a further move up. We have also spotted a ascending support line on its Stochastic. Here’s our idea!
weekendanalyst
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@FXCM-EDU, yeap, that's likely to happen to but I'm aiming for the longer term trade :D