EURJPY | Perspective for the new week
Since my last publication on this pair (see link below), it appears the Resistance level @ Y126.620 is not holding as price finally breaks out of this level last week to find a new Support level (Demand zone).
Despite Europe having a lead over Japan when it comes to vaccination; The unfolding Covid-19 situation and other global events might have its toll on this pair in the coming week as both the European and Japan economy continues to struggle to contain the Covid-19 pandemic.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Channel
Observation: i. Since December 2020, price action has been caught within a channel of Supply and Demand ranging between Y126.000/127.000.
ii. A breakout of this channel last week sets a new tone to the trend and might be the continuation of the rally that has gripped this pair since mid-last year.
iii. In the coming week, I shall be looking out for a possible correction which might deep into Y126.400/127.000 area for an opportunity to go long.
Trading plan: BUY confirmation with a minimum potential profit of 140 pips.
Risk/Reward: 1:4.5
Potential Duration: 3 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, 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.
Despite Europe having a lead over Japan when it comes to vaccination; The unfolding Covid-19 situation and other global events might have its toll on this pair in the coming week as both the European and Japan economy continues to struggle to contain the Covid-19 pandemic.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Channel
Observation: i. Since December 2020, price action has been caught within a channel of Supply and Demand ranging between Y126.000/127.000.
ii. A breakout of this channel last week sets a new tone to the trend and might be the continuation of the rally that has gripped this pair since mid-last year.
iii. In the coming week, I shall be looking out for a possible correction which might deep into Y126.400/127.000 area for an opportunity to go long.
Trading plan: BUY confirmation with a minimum potential profit of 140 pips.
Risk/Reward: 1:4.5
Potential Duration: 3 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, 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.
Trade smart. Trade consciously
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