EURJPY-Long: Intraday Plan
Updated
Finally after some extended consolidation, EURJPY has extended its move to the upside, as risk appetite grows off of Macron's slight lead in UK's pre-election polling.Currently we see that the pair is pulling back off of the recent high of 123.62, as ADX signals overbought conditions. Once ADX does not dip below 20, I am looking for bids at 123.39, 123.20 and 123.00. Potential profit targets if longs are entered are 123.60, 123.75, 124.00 and 124.50.
Note
Price has now reached first level of support at 123.299.....I am waiting for confirmed signal to move back up to the upside (any good oscillator would work). If this level does not hold , next level of support is at 123.20. I have not entered a long position as yet, still awaiting signal to enter. Short scalpers should consider taking off some of their positions at this level as well.Note
Price has crossed back above zero on SMI, and seems to be holding, I have entered a buy position with tight stop loss for now at 123.19 (will adjust accordingly based on price action). First take profit at recent high, however looking to see 123.75 on sustained ADX above 20.Note
It's May 5th and this trade is going according to plan ( at least the first part!) I closed out my trade yesterday in profit at the high of 123.62 as ADX slumped below 20, pulling the EURJPY back into pre-election consolidation.The next major level of support at 122.95 , as indicated by my "yellow line" drawn on chart, has held thus far with bids entering the market. ADX is wavering between 18-20.( Which means enter long, with the intention to close profits quickly). A conservative trader will not touch the EURJPY until Monday, given that there is an election this weekend.
Here's where the fundamentals come in, a win for Macron , will see a stronger EUR. If you have deep pockets, putting a few pennies down on a EURJPY either at this level of support or lower might not work out too bad for you.
As for me, I'm on the sidelines on this pair till Monday. I'll take what I can from the market today through scalping.
Note
Update: I entered at 123.21 as support at 123.95 held. Intended to scalp for about 15 pips. Have managed to to hold on to trade, taking partial profits at yesterdays high of 123.62...Price continues ot extend as ADX is now well above 20. Next TP target is at 123.75. I am in a risk free trade as I have moved the stop loss on the small balance of my position to break even...may leave if on and enjoy the ride up over the weekend:)This will be the final update on this chart. Monday will be a new day!
Note
Error above: Should be " support held at 122.95"...
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