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EURJPY Price Action Analysis – 24th July 2017
EURJPY has been in a strong bull trend on the H4 chart. The pair kept making higher high until it found a level of resistance at 130.450 area. Then, the pair started having correction to find a strong level or support to make a new higher high. It seems that the pair has found a level of support today. Let us have a look at the H1 EURJPY chart…
EURJPY Price Action Analysis – 24th July 2017
See how the price reacted at the level of 129.300. This was a level of resistance earlier, which got broken by that massive H1 bullish candle. If the price starts moving towards the North from this level and makes a breakout at 129.700, then buying the pair would get us some green pips today. We should wait for a pullback though after the breakout. It means we are waiting for an ABC pattern here. Let us have a look at the summary of the trade…
- Buy Stop Order: 129.700
- Stop Loss level: 129.300
- Take Profit Target: 130.600
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
There is a good chance that the price might continue its journey towards the North if it makes a breakout at the H4 resistance. However, since we are going to take our entry on the H1 chart, the best thing to do would be coming out with the profit at 130.600. Yes, we can run a portion of the trade (partial trade) by setting our stop loss at the breakeven level after taking at least 50% profit of the trade.
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