EURJPY has been in a range on the Daily chart. However, the H4 chart shows that the price has been going upwards. The first H4 candle today came out as a Bearish candle. The next one has just started, but it seems that the price is going upward again. If the current H4 candle comes out as an Engulfing candle and makes a breakout at today’s higher high, then we might get an opportunity to take a long entry later today.
EURJPY Price Action Analysis – 12th Mar 2018
As we see that the level of 131.625 has been a massive level of resistance where price reacted a number of times. On the other hand, the level of 131.045 has been a level of Support so far. If the level produces an H4 Engulfing candle and makes a breakout at 131.625, then an H1 Bullish reversal candle would be the signal for a long entry. Let us have a look at the summary of the trade
- Buy Stop Order: 131.625
- Stop Loss: 131.045
- Take Profit: 132.900
- 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
On the last Friday, NFP did not shake the market as it usually does. This is a sign of strong technical market. The USD has been Bearish on the Daily and the Weekly chart. I assume the USD would continue its Bearish journey in this month as well. Since the last Friday was not that volatile, so today’s market might get more sluggish than other Mondays. Let us wait and see how it ends.
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