So I have been going through some pairs today and I find an interesting opportunity on the EUR/JPY currency pair.
Currently the pair is moving in a ranged fashion both on Daily and H4 time frames. The space between the top and bottom of the range is good enough to bag some profits.
The pair is now standing just below the top of the range and the last 2 candles on the H4 time frame are .
If you are planning to trade inside of this range, I advice you to do so in M30 or lower time frame. Keep in mind that around the middle of the range we have a level at 124.15, where a retracement might occur. That is why I divided the space in two Sell Zones. If we reach the level at 124.15 and the price starts going up, I will cut my positions and I won't be selling anymore for the rest of the day. Also keep in mind that we have the NFP report coming soon, so that might cause , especially on the lower time frames. Another thing to add here is that today is Friday, so I advice you if you have any open positions on this pair to close around 60-70% or the whole positions in order to avoid possible gaps after the weekend. Below are the sell zones:
Sell Zone 1: 125.00 to 124.20
Sell Zone 2: 124.10 to 123.50
I wish you guys good luck and profitable trading!
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I will keep monitoring and posting new plans when I see good opportunities. Good luck and I wish you profitable trading! :)