EURJPY had a strong Bearish run on the H1 chart. However, the pair seems to have found a strong level of Support. The chart shows that the price has been trying to produce a Double Bottom there as well. If the price continues to go towards the North and makes an upside breakout at today’s higher high, then we might get an opportunity to go long on the pair. Let us have a look at the H1 EURJPY chart.
The level of 127.790 area seems to be the level of Support of the Double Bottom. If the price keeps going towards the upside and makes a breakout at 128.403 area, and it produces an H1 Bullish Engulfing Candle at the time of correction, then the price would go towards the level of 129.400 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 128.403
- Stop Loss: 127.790
- Take Profit: 129.400
- 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
The last Friday was a good day for the traders. The setup we shared on EURAUD went to the direction that we had predicted too. I assume the market might come into the party and offers some great entries for the traders in the rest of the month. Finding entries on the H4 chart might be a difficult task though. In this case, today we have switched to the H1 chart instead. Nevertheless, I am still going to keep my eyes on the H4 chart to find some entries for our traders.
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