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Eurjpyidea

UPDATE ON EURJPY - 1H CHARTHey Guys, We are on the long term trade already, saved with the stoploss to brake even, so we don't worry about that one anymore, we just let it work. Now we are finally getting a new buy setup. Trade the breakout of the flag and you can look for a nice trade to the upside. Our goals is still to break the whole structure (Green lines) and keep the trade. There are chances of a Flat correction ABC, I drew the lines of the different moves it can do. Let's see what happens. If market overlaps last resistance and goes out of upside trendline then the buy is invalidated. Carlos
Long
by ccerezo11
EURJPY profit target reached perfectly, time to sellSell below 120.23. Stop loss at 120.70. Take profit at 119.44. Reason for the trading strategy (technically): Price shot up and reached our profit target perfectly from yesterday. We prepare to sell below major resistance at 120.23 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a drop to at least 119.44 support (Fibonacci retracement, horizontal overlap support). Stochastic (34,5,3) is seeing major resistance below the 95% level where we expect a reaction from.
Short
by theforexarmy
4
EURJPY bounced perfectly, remain bullishBuy above 119.05. Stop loss at 118.19. Take profit at 120.23. Reason for the trading strategy (technically): Price bounced absolutely perfectly above our buying level. We now remain bullish with price making a further bullish exit of its descending resistance-turned-support line. The goal is to buy above 119.05 support (Fibonacci retracement, pullback support) for a further push up to 120.23 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (55,5,3) has made a bullish exit signalling a further rise is expected.
Long
by theforexarmy
EURJPY right on major support, remain bullishBuy above 119.64. Stop loss at 119.16. Take profit at 120.66. Reason for the trading strategy (technically): We remain bullish above 119.64 support (Fibonacci retracement, Fibonacci extension, horizontal support). Target would be 120.66 resistance (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3) is seeing strong support above the 6.4% level. Reason for the trading strategy (fundamentally): The main news event driving EUR today is the Euro-Zone Consumer Price Index (CPI) Estimate. The CPI is the key gauge for inflation in the Euro Zone. The index tracks changes in the price of a basket of goods and services that a typical household might purchase. When the CPI is high, it indicates that significant inflationary pressures exist in Euro Zone economies. This puts pressure on the European Central Bank to raise interest rates. When CPI comes out lower than expected the ECB is expected to lower interest rates, or keep them lower, to encourage economic growth. We are expecting a lower CPI which would mean a weaker EUR. This goes against our bullish EURJPY trade today so it is best to exercise caution on this trade.
Long
by theforexarmy
3
EURJPY profit target reached perfectly, prepare to buyBuy above 119.64. Stop loss at 119.16. Take profit at 120.66. Reason for the trading strategy (technically): Price dropped perfectly and reached our profit target we have been targeting for the entire of last week. We now turn bullish above 119.64 support (Fibonacci retracement, Fibonacci extension, horizontal support). Target would be 120.66 resistance (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3) is seeing strong support above the 6.4% level.
Long
by theforexarmy
EURJPY dropping perfectly as expected, remain bearishSell below 121.09. Stop loss at 121.86. Take profit at 119.65. Reason for the trading strategy (technically): Price has reacted perfectly from our selling area. We remain bearish below 121.09 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 119.65 support (Fibonacci extension, horizontal support, recent swing low support). Stochastic (34,5,3) has reacted off our 92% resistance level perfectly.
Short
by theforexarmy
EURJPY profit target reached perfectly, prepare to sellSell below 121.09. Stop loss at 121.86. Take profit at 119.65. Reason for the trading strategy (technically): Price has shot up and reached our profit target perfectly. We now turn bearish below 121.09 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 119.65 support (Fibonacci extension, horizontal support, recent swing low support). Stochastic (34,5,3) is seeing resistance at the 92% level.
Short
by theforexarmy
EURJPY right above strong support, remain bullishBuy above 119.62. Stop loss at 118.63. Take profit at 121.08. Reason for the trading strategy (technically): We remain bullish above 119.65 support (major horizontal support, Fibonacci retracement) for a push up to 121.08 resistance (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3) is seeing strong support above the 6% level and also displays bullish divergence vs price signalling a bullish reversal is expected soon.
Long
by theforexarmy
EURJPY right above strong support, remain bullishBuy above 119.62. Stop loss at 118.63. Take profit at 121.08. Reason for the trading strategy (technically): Price held at our buying level perfectly yesterday. We remain bullish above 119.65 support (major horizontal support, Fibonacci retracement, EURUSD positive correlation) for a push up to 121.08 resistance (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3) is seeing strong support above the 6% level.
Long
by theforexarmy