EURJPY had a massive Bearish ride on the Daily chart. However, the H4 chart suggests that it might be the time for the pair to change its direction. The first two H4 candles came out as a Bearish candle. A significant level of Support is held by the price though. This means if we get an H4 Bullish reversal candle and an H1 breakout at today’s higher high, then the pair might offer us a long entry later today.
As we see on the chart that the first two candles were Bearish, but the price has been held by the level of 130.880. The buyers have to wait for an H4 Bullish reversal candle here. If we get an H4 Bullish reversal candle around the Support level and get an H1 breakout at the level of 131.680 later, then buying the pair would get us some green pips with a good risk and reward ratio. Let us have a look at the summary of the trade…
- Buy Stop Order: 131.680
- Stop Loss: 130.880
- Take Profit: 132.880
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
GBPJPY looks as good as EURJPY today. However, the reason behind to choose EURJPY over GBPJPY is with most brokers GBPJPY has a higher spread than EURJPY. If they both make breakouts and both look good to take an entry, then I would go with EURJPY. Spread is a massive factor. Some pairs have almost 3 times more spread than others. We have to count this before taking an entry.
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