EURJPY Price Action Analysis – 1st Aug 2017

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EURJPY Price Action Analysis – 1st Aug 2017

 

EURJPY has been on a strong bull trend on the Daily chart. Moreover, according to the H4 chart, the pair produced a huge H4 bullish candle after making a Double bottom. It seems that the price has found its resistance at 130.575. If we get a breakout at that level, then buying the pair would get us some green pips.


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EURJPY Price Action Analysis – 1st Aug 2017

See the H4 chart produced a Double bottom at the level of 129.620. Then, the price went up to 130.575 and started having consolidation. The level of 130.220 seems to be a level, which has the potential to be a good level of support. If this level produces an Engulfing H4 candle and breaks out the level of 130.575, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…

  • Buy Stop Order: 130.600
  • Stop Loss Level: 130.200
  • Take Profit Target: 131.100
  • 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

Last two months the Forex market has been very sluggish. Today is the first day of August. It means we are in the last quarter of the year. I hope that the market will come back to its usual mode from this month. The market would be hot until November as it normally goes every year. The last FOMC, which took place on the last Thursday, and the next NFP, which will take place on the next Friday might play a significant role in the market for the next coming four months.

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We hope that you enjoy our Free Forex Trading Signal today: EURJPY Price Action Analysis – 1st Aug 2017

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