EURJPY | Perspective for the new week | Follow-up detailsWith over 400pips move in our direction since my last publication (see link below for reference purposes); The selling pressure surrounding the Japanese yen continues to increase in the latter part of last week trading session and It appears that the Euro has finally found support at Y128.000 with a high probability of a Bullish momentum in the coming week(s).
Tendency: Uptrend (Bullish)
Structure: Breakout | Supply & Demand | Trendline
Observation: i. The Euro remains extremely Bullish from the long term perspective (see weekly chart).
ii. Since hitting a peak @ Y134.000, the bears have been dominating the EURJPY market for the last couple of months (since June 2021).
iii. Bearish Trendline: A visual representation of a line drawn over pivot highs revealed the prevailing direction and speed of price in the last two months.
iv. With selling pressure respecting the Bearish Trendline since June 2021, the sudden Breakout of Trendline on Thursday (25th of August 2021) which also shares a confluence with the Key level @Y129.000 may have incited the idea that seller has finally lost their momentum hereby giving room for buyers to take their stance.
v. Y128.000 level can be identified on the chart as a significant level that has held price strongly "supported" (Demand zone) since March 2021 hereby giving me a conviction that another bullish momentum is right at the corner.
vi. In this regard, I am ready to join the rally in the coming week as long as the price remains above the Key level @ Y129.000 (psychological level).
vii. Another opportunity to add to our existing position shall arise as soon as price breakout/retest Y130.700... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 350 pips.
Risk/Reward : 1:5
Potential Duration: 10 to 20days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
