FXBanker
Long

EURJPY - Multiple scenario trade - Overall Bullish

FX:EURJPY   Euro / Japanese Yen
Price on this pair has been on a long term downward trend ultimately leading to that massive Brexit drop in June.

Since then we see price consolidating in a symmetrical triangle near the weekly 111 area.

I have developed multiple scenarios for this pair.

1.
In my opinion it could still retest the 4h support (Pink Line) before making a charge to the 118 area.

Friday closed with a textbook exhaustion candle on the 4H at a short term resistance and could signal a profit taking pull back to the 114.5 area and perhaps a longer term 113.3

2. Price could make a run for the 117 trend line resistance area and pull back to either 114 or 113.6 areas

3. Just like 2. a break out could occur but price could just as well retest the inner trend line and make a run for the 118 area.

This is how I plan to trade this pair:

  • I shall have a buy limit at 113.7, first target the Inner Trendline and 2nd target the 115 area.

  • Depending on the R/R ratio a buy order will be placed above the 116.3 congestion with the first target the major trendline (outer line) and second target 118.


  • Depending on the Monday close, should a bear signal print, A sell stop will be placed below the close of that candle with a first target the pink line and a long term target @ the bottom of the triangle.


Overall I like to be prepared for all scenarios and see this pair as the Money maker of the month.

Trade Safe
Trade active: Sell Mode On
Comment: First target reached. I am using a 28 pip trailing stop and gunning for the second target.
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