ChaosTrader63
Long

EUR vs JPY Possible Tenkan Bounce Opportunity

FX:EURJPY   Euro Fx/Japanese Yen
Ladies & gentlemen in this corner we have the EUR vs JPY! The EUR vs JPY has been on a bullish streak since 4-15-15 and continues to show bullish strength but currently the pair is in the retracement mode and appears to be finding support at the Tenkan which is the first support level of the Ichimoku system. I am lead to believe that this level is a possible reversal point based off of the past two daily candles which closed as dojis. The dojis represent possible reversal at this level. If price continues to fall then look to the next level of support which would be our previous bullish fractal support zone which comes in at 136.497 & 136.884. This level will be a strong level of support and the market likes to break fractal support and resistance and retrace back to these levels therefore they remain great levels to look for a trade. With that said we have confluence at the fractal zone as the daily Kijun is sitting flat on this level. The Kijun is the second level of support and being in align with the fractal level this also will be a great area to see a reversal and continuation. So if price breaks our Tenkan level then seek out the fractal zone as I have stated. My current setup has an entry at 139.677 with a SL at 137.600 and taking profit at 145.172. The Take profit is the next strong resistance level therefore we will look to this level as a take profit level. Good luck with the opportunity and you can visit me at http://www.fxatoneglance.com
God bless!
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