$EURJPY: The Euro looks strong here, nice setup

$EURJPY looks like a good low risk long setup here, any dip after the market opens is a buy, aim for a 6 day rally, as long as above the yellow box on chart. After that happens, we could get further bullish consolidations and more trend setups, so it is a good idea to catch the first signal reversing a down trend here. Increases the odds of a large reward to risk longer term trend. This pair is reacting positively to rising yields in the US, and rising inflation expectations as shown in the 10 year break even inflation chart. Totally worth a shot, together with $AUDJPY and $CADJPY, $USDJPY is also trending up but not such a high reward to risk compared to these more oversold cross pairs. $CADJPY is more correlated to oil, the BoC is seen as really hawkish as of late, combined with the trend in oil, makes it a strong candidate for a long in various pairs.

Cheers,

Ivan.

Comment:

Trade active:

Bot at the open

Comment:

Target was hit in the daily, this can evolve into a weekly signal now...
I'm still in but debating if it is worth it to hold and wait and speculate on that possibility, vs the downside risk of losing potential profits as it consolidates again, if it stops here. It hit a resistance level and the target, so it certainly could happen...

Trade closed: target reached:

Exit #EURJPY

Comment:

Trade active:

Flip short