SantanderCapital
Long

EURJPY - Plenty of Upside Ahead - Target 127.600 Insight

FX:EURJPY   Euro Fx/Japanese Yen
205 2 8
Chart: 4HR Time Frame
Market: Bullish Market

Bullish Indicators
1. Low Test Candle ( Daily Chart )
2. Low Test Candle (4 Hour Chart)
3. Daily & 4 Hour low test candle reject 125.500 area (key support zone ) evident by blue circles
4. Low test candles (blue rectangle ) low below 50 EMA , open & close above 50 EMA
5. Price forming Higher lows
6. Trend line resistance on 4 hour chart now turned support.

Risk Management
Risk / Reward: 1:2.94
Stops: 125.400 (below low test candle low & below daily support level of 125.500)
Target: 127.600 (Key Daily & Weekly Resistance)


Agree/Disagree? Comment Below!
Comment: Target Reached.
Agree. I’m looking for a retest of the descending trendline as confirmation. I’ll also be keeping an eye on how price reacts to the 127 level. I do like how your profit target of127.6 lines up with the .618 fibonacci extension. Nice break down!
Reply
Thanks! Same. I'm keeping an eye out for consolidation around 127 before possibly moving higher, otherwise if there's bearish evidence at this level, position might have to be closed sooner.
Reply
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