EURJPY Price Action Analysis – 26th Dec 2018
EURJPY has been very bearish on the H4 chart. The price has kept making lower lows. On the last trading days, the H4 chart produced two more good-looking candles that stated that the sellers still control the pair on the H4 chart and they might continue dominating on the pair for at least one more wave. Let us have a look at the H4 EURJPY chart…
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See those last two H4 bearish candles. The price break through came up to the level of 125.580. It seems that this level is going to act as the level of support where the next breakout has to take place to offer the next short entry. In this case, the level of 126.285 has to produce an H4 bearish engulfing candle, and an H1 bearish candle has to make out the breakout at the level of 125.580. Let us have a look at the summary of the trade…
- Sell Stop Order: 125.580
- Stop Loss: 126.285
- Take Profit: 124.470
- 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
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Though it is Boxing Day, the market looks good today. Some other pairs such as USDCHF, EURUSD seem to have started with good amount of liquidity. If it keeps going like this, then intraday traders would be able to finish the year by making bagful of pips. Usually this time of the year, the market gets extremely sluggish. However, December-2018 is very different than those usual Decembers. Since the market offers us entries, we might as well make use of the opportunities in order to make some green pips.
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