EURJPY Long (Swing) , RR 1 : 2.3
EURJPY has closed above weekly support area at the price of 122.50 for the six consecutive weeks. I am expecting an upside for this pair to next weekly resistance area.
Reason :
- Weekly candlestick has struggled to go below 122.50 leaving long tail below.
- 123.30 area was previous resistance now support.
- Higher high formed, hinting the start of wave-2 motive.
- Potential to reach next resistance points :
Entry point Long : CMP or any pullback ; TP1 : 125.90, 126.50, 127.20 128.40 ; SL 122.25 area.
Risk Reward 1:2.3
Always remember to trade with stop-loss, market is crazy & cunning*
Reason :
- Weekly candlestick has struggled to go below 122.50 leaving long tail below.
- 123.30 area was previous resistance now support.
- Higher high formed, hinting the start of wave-2 motive.
- Potential to reach next resistance points :
Entry point Long : CMP or any pullback ; TP1 : 125.90, 126.50, 127.20 128.40 ; SL 122.25 area.
Risk Reward 1:2.3
Always remember to trade with stop-loss, market is crazy & cunning*
Trade active
Entered my trade at day low, let the game begin.Much patience is needed for this trade, good luck.
Note
TP1 hit (+180pips) gained, closed some profit.Awaiting pullback to enter more to next target.
Note
Price rallied another +100pips in less than 5-hours, currently holding +280pips gain since trade inception. Very strong bullish momentumNote
TP 126.50 & 127.20 hit ~ 128.40 last target !Trade closed: target reached
TP 128.40 hit ! banked 430pips+.I hope you guys enjoyed my analysis.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.