EURJPY made a Bullish move on the H1 chart. The price seems to have paused at a strong level of Daily Resistance. Moreover, the H1 chart suggests that the pair is trying to produce a Double Top. If we get a breakout at the neck of the Double Top, then selling the pair would get us some green pips.
EURJPY Price Action Analysis – 26th June 2018
The level of 128.430 is a Daily Resistance. If you look at the H1 chart, you see that the pair is producing a Double Top there as well today. Now, if the price stars coming down from right there and makes an H1 breakout at 128.020, then the pair would reach at the level of 127.355 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 128.020
- Stop loss: 128.430
- Take Profit: 127.355
- 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. Thus, the signal might come at any time. However, I assume that the signal might come after the London open. Many traders love to take an entry just after a 15M breakout on this kind of trade setup. I would not say that it is a bad idea. However, to be able to play in a safer mode, H1 breakout is better. If H1 breakout goes too far, then we might wait for a little correction just to make sure that we get a better risk and reward ratio.
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