EURJPY Price Action Analysis – 12th Feb 2018
EURJPY has been having a Bearish ride on the H4 chart. The price has kept making lower lows. Today’s price action suggests that the price might take another Bearish move later today. First two H4 candles were bullish, but the buying pressure is low. Let us have a look at the H4 EURJPY chart.
As we see here, the price has kept making lower lows by producing some huge Bearish H4 candles. The level of 133.610 might come into play and be the Resistance here for today. If the really does and produces an H4 Bearish reversal candle, then the sellers would wait for an H1 breakout at the level of 133.000 to go short on the pair. Let us have a look at the summary of the trade…
- Sell Stop Order: 133.610.
- Stop loss: 133.610
- Take Profit: 131.950
- 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 Forex market has been very active so far in 2018. This is fantastic. We had a wonderful last week. Many pairs offered entries for intraday and major time frames’ traders. Especially major pairs have been having a significant amount of liquidity. This is the reason why minor currency pairs will come into play and play their part as well as far as I am concerned. Usually, January is a quiet month since it is the beginning of a year. However, this January has been excellent so far. Let us hope it stays like for the rest of the year as well.
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