EURJPY has a good Long entry
Updated
Hello Traders,
The EURJPY has a good long entry in my setup:
*The fundamental numbers don't show any bias, the inflation and unemployment rates are higher in the Euro zone but the interest rates are lower in Japan:
- GDP Growth: (EUR: 0.0% / JPY: 0.0%)
- Inflation: (EUR: 8.6% / JPY: 4.0%)
- Unemployment: (EUR: 6.6% / JPY: 2.5%)
- Interest Rates: (EUR: 3.0% / JPY: -0.1%)
*The Sentiment gives me a good bullish bias:
- COT Report: shows /76.8%/ of the institutional open contracts are long on the EUR, while /32.8%/ are long on the JPY.
so the smart money are heavily Long on the EUR and Short on the JPY.
- Retail Sentiment: 65% of retail traders are short, which is another good factor, because most of the time the crowd are on the wrong side of the move.
*Technical:
The Price is in a good and healthy uptrend, made a retracement to the /0.618/ fib zone which shows a good support. This gives a good risk to reward ratio.
The overall structure and sentiment give me a good long bias even if the fundamentals are neutral.
Always remember "Risk Management" is the KEY.
Trade Safe !
The EURJPY has a good long entry in my setup:
*The fundamental numbers don't show any bias, the inflation and unemployment rates are higher in the Euro zone but the interest rates are lower in Japan:
- GDP Growth: (EUR: 0.0% / JPY: 0.0%)
- Inflation: (EUR: 8.6% / JPY: 4.0%)
- Unemployment: (EUR: 6.6% / JPY: 2.5%)
- Interest Rates: (EUR: 3.0% / JPY: -0.1%)
*The Sentiment gives me a good bullish bias:
- COT Report: shows /76.8%/ of the institutional open contracts are long on the EUR, while /32.8%/ are long on the JPY.
so the smart money are heavily Long on the EUR and Short on the JPY.
- Retail Sentiment: 65% of retail traders are short, which is another good factor, because most of the time the crowd are on the wrong side of the move.
*Technical:
The Price is in a good and healthy uptrend, made a retracement to the /0.618/ fib zone which shows a good support. This gives a good risk to reward ratio.
The overall structure and sentiment give me a good long bias even if the fundamentals are neutral.
Always remember "Risk Management" is the KEY.
Trade Safe !
Trade closed: stop reached
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