Short

EURJPY (H4): Tensions Brewing for Risk Off Play

Updated

Timeframe: H4
Direction: Short

Confluences for Trade:
- Price Action at Resistance of Parallel Channel
- Price Action bouncing off 50 EMA line
- Stochastics close Overbought momentum
- Fundamentally, jittery concerns about EU's disapproval of Italy's budget plan; JPY likely to gain with such issues and adding on Jamal Khashoggi's death creating tension between USA and Saudi.

Suggested Trade:
Entry @ Area of Interest 129.55 - 130.23
SL: 130.54
TP: 127.52
RR: Approx. 2.05 (Depending on Entry Level)

May the pips move in our favor! Good luck! :D

*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.

Trade active

Note

Closed off trade manually as the market's indecisiveness and slowly weakening momentum in the dollar strength makes us think twice on this trade. Fundamentally, it still supports the above move.

Capital preservation is more important. :)

Trade closed: target reached

Although we closed off the trade earlier, the price action still reached our targeted area.

Good job everyone! :D

weekendanalyst

Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.

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