EURJPY profit target reached. Turn bullish above major supportBuy above 124.35. Stop loss at 123.65. Take profit at 125.25.
Reason for the trading strategy (technically):
Price has reached our profit target from last week. We prepare to buy above 124.35 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 125.25 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing strong support above the 5% level where we expect a strong bounce from.
Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Eurjpyfib
EURJPY bouncing nicely, remain bullishBuy above 118.70. Stop loss at 117.47. Take profit at 120.66.
Reason for the trading strategy (technically):
Price has bounced off nicely at 118.70 support (Fibonacci retracement, horizontal support, Fibonacci extension). We look to buy above this level to play a push up to at least 120.66 (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing strong support above the 6.4% level.
EURJPY remain bearish at major resistanceSell below 121.09. Stop loss at 121.86. Take profit at 119.65.
Reason for the trading strategy (technically):
We remain bearish below 121.09 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 119.65 support (Fibonacci extension, horizontal support, recent swing low support).
Stochastic (34,5,3) has reacted off our 92% resistance level perfectly and continues to see resistance there.
EURJPY right above strong support, remain bullishBuy above 119.62. Stop loss at 118.63. Take profit at 121.08.
Reason for the trading strategy (technically):
Price held at our buying level perfectly yesterday. We remain bullish above 119.65 support (major horizontal support, Fibonacci retracement, EURUSD positive correlation) for a push up to 121.08 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing strong support above the 6% level.