Eurjpybuy
Observing upside potential on EURJPY as 123.5 level holdsWe're currently monitoring two key levels. Over on the 4-hour time frame, the lower 123.105 level held up as price made a stronger bullish move to the upside. While entering on that level seemed premature, the price drift to the higher 123.5 level is a good indication that selling pressure remains rather weak. If the price drift holds above this latest level on the open, there could be a potential long entry here.
Here's a closer look at the price drift:
Note that ideas published represent my viewpoints on structural directional movements. I do not post explicit trade parameters (i.e. entry, take profit, stop loss, etc.) as these are set to in reference with my expectancy. Since my win rate and R-multiple targets are different, ideas published are simply a resource to provide guidance. You are expected to manage your own trading decisions.
EJ Analysis 29/09/2020 -- UpdateWe noticed that on the 1m timeframe price broke resistance that was being held even on such a small timeframe, as it was a new timeframe to trade off of, we used half risk when we executed the buys, with our stops below the 30m breakout candle, we secured 12 pips as price tapped into resistance before stopping us out at BE.
EJ Analysis 28/09/2020 -- UpdateThis analysis played out perfectly, Price broke resistance and created a support on the 15m timeframe, when the 15m candle broke the high of the previous candle after creating support, we executed buys with our stops below the current 15m candle and out 3 take profit points highlighted on the chart from before, all three TPs were smashed and price ended up rejecting off our final target, making this a perfect trade.
Uptrend continuation expected, buy the dipsEURJPY market structure remains Bullish and price is above the 100H EMA. So, a continuation of the uptrend is expected.
I would be looking to buy the dips near 124.30-124.65 with SL below 124 and TP at 126.
Watch the area that I have highlighted in my chart. Buying here carries the lowest risk because your TP would be big and the SL would be small.
Watch for bullish price action near this highlighted area and buy with the above targets.