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Eurjpylongsetup

EURJPY right on major support, time to buyBuy above 123.15. Stop loss at 122.49. Take profit at 124.15. Reason for the trading strategy (technically): Price has dropped strongly and is now testing support at 123.15 (Fibonacci extension, Fibonacci retracement, horizontal swing low support, bullish divergence) and we expect to see a strong bounce above this level to at least 124.15 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (21,5,3) is seeing strong support above 4.7% and also sees bullish divergence signalling that a bounce is impending. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
EURJPY testing major support, remain bullishBuy above 124.18. Stop loss at 123.62. Take profit at 125.24. Reason for the trading strategy (technically): Price is now testing our major support. We remain bullish looking to buy above major support at 124.18 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to at least 125.25 resistance (Fibonacci extension, horizontal swing high resistance). Stochastic (21,5,3) is seeing strong support above the 5% level where we expect a strong bounce from and also sees bullish divergence signalling that a bounce is impending. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
EURJPY approaching major resistance, prepare to sellSell below 125.80. Stop loss at 126.13. Take profit at 124.60. Reason for the trading strategy (technically): Price is approaching major resistance at 125.80 (Fibonacci extension, horizontal swing high resistance) and we expect a strong reaction off this level for a drop to at least 124.60 support (Fibonacci retracement, horizontal overlap support). Stochastic (55,5,3) is seeing major resistance below the 96% level where we expect a drop from. Correlation analysis: We’re expecting overall JPY strength today with drops expected on USDJPY and EURJPY.
Short
by MEX_Exchange
EURJPY approaching strong resistance, prepare to sellSell below 124.62. Stop loss at 125.21. Take profit at 123.19. Reason for the trading strategy (technically): Price is approaching strong resistance at 124.62 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect a drop from this level to at least 123.19 support (Fibonacci extension, horizontal swing low support). Stochastic (34,5,3) is seeing major resistance below the 94% level where we expect a strong drop from. Correlation analysis: AUDJPY and USDJPY are expecting bounces. So we have to exercise caution on this trade.
Short
by MEX_Exchange
EURJPY dropping nicely, remain bearishSell below 124.41. Stop loss at 125.10. Take profit at 122.62. Reason for the trading strategy (technically): Price reached our selling area and is dropping nicely towards our profit target. The plan today is to remain bearish below major resistance at 124.41 (Fibonacci extension, Elliott wave theory, horizontal swing high resistance, bearish divergence) and we expect a drop from this level towards 122.62 support (Fibonacci retracement, horizontal overlap support). Stochastic (89,5,3) is seeing major resistance below the 94% level and also sees bearish divergence vs price signalling that a drop is impending. Correlation analysis: We’re expecting overall JPY strength today with AUDJPY and EURJPY both expecting drops.
Short
by theforexarmy
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 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