The EURJPY pair surprised everyone this morning with a sharp drop, wiping out potential buyers clustered around the key support level of 172.0 This unexpected move might leave some hesitant, but I see it as a buying opportunity.
Downward Correction, Not Reversal:
While the recent drop was significant, it's important to remember the bigger picture. The EURJPY has been trending upwards for a while now. This could be a healthy correction within the uptrend, shaking out weak hands before the climb resumes.
Key Support Still Holding (For Now):
The most encouraging sign is that the price found support around 17.75 and bounced back slightly. If this level holds, it reinforces the bullish trend.
Entry: 170.911
Stop: 170.502
Profit: 172.857
Good luck and always manage risk. I am risking 1% looking for 6%.
Downward Correction, Not Reversal:
While the recent drop was significant, it's important to remember the bigger picture. The EURJPY has been trending upwards for a while now. This could be a healthy correction within the uptrend, shaking out weak hands before the climb resumes.
Key Support Still Holding (For Now):
The most encouraging sign is that the price found support around 17.75 and bounced back slightly. If this level holds, it reinforces the bullish trend.
Entry: 170.911
Stop: 170.502
Profit: 172.857
Good luck and always manage risk. I am risking 1% looking for 6%.
Trade active
Note
Edit ***Good luck and always manage risk. I am risking 1% looking for 4.5%.Trade closed manually
Trade closed at BE
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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.