EURJPY has been in a range on the H4 chart. The pair took a short H4 Bullish move, but the buying pressure has not been that strong. If we look at the H4 chart by Zooming out a little, then we see that the price is at a level, there seems to be a Double Top is being formed. If this is the case, then the pair might head towards the South soon. Let us have a look at the H4 EURJPY chart.
EURJPY Price Action Analysis – 12th June 2018
The level of 129.950 is the higher high of today’s price movement. Two H4 candles could not break the level. This is the level, which has the potential to be the 2nd leg of a Double top as well. Thus, if the current candle comes out as a Bearish Engulfing Candle, then an H1 breakout at 129.010 would drive the price down towards the level of 127.500. Let us have a look at the summary of the trade…
- Sell Stop Order: 129.010
- Stop Loss: 129.010
- Take Profit: 127.500
- 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
None of the currency of this pair has any high impact news event today. The USD has two news releases at GMT 13.30 though. We know the EURO and the JPY both are highly related to the USD. Thus, we might get some spikes on the intraday charts. However, if the signal comes at least 2 hours earlier than those news releases, then we do not have to worry about the news releases.
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