Hello everyone,
As you can see EURJPY has been moving in a sideways direction for the whole December.
It is moving in a tight 80 pips range and i think we might soon get a real buying pressure.
If you look at the daily chart, EURJPY previously broken above an inverted head and shoulders pattern.
The measured objective of this pattern count should be around 128.20 area.
EURJPY has managed to closed above 126.60 resistance twice on 4hr tf.
The next time it closed above it i think we will see some strong buying pressure.
For now, we will try to trade inside this range because it still offer a good trading opportunity.
We could also consider this sideways movement as a flag pattern and i think it will be a bullish flag.
Buy limit EURJPY 125.85
Stop loss 125.60
Take profit 126.60 (3R)
RR Ratio 1 : 3
Use only 1-2% risk
Good luck
As you can see EURJPY has been moving in a sideways direction for the whole December.
It is moving in a tight 80 pips range and i think we might soon get a real buying pressure.
If you look at the daily chart, EURJPY previously broken above an inverted head and shoulders pattern.
The measured objective of this pattern count should be around 128.20 area.
EURJPY has managed to closed above 126.60 resistance twice on 4hr tf.
The next time it closed above it i think we will see some strong buying pressure.
For now, we will try to trade inside this range because it still offer a good trading opportunity.
We could also consider this sideways movement as a flag pattern and i think it will be a bullish flag.
Buy limit EURJPY 125.85
Stop loss 125.60
Take profit 126.60 (3R)
RR Ratio 1 : 3
Use only 1-2% risk
Good luck
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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.
Related publications
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.