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EURJPY Price Action Analysis – 30th June 2017

EURJPY has been very bullish on the H4 chart. The price has kept making higher highs for 2 weeks. Today’s price action suggests that the price might make another higher high if we get a breakout. Let us find out the levels that we need to keep our eyes on to ride on that potential bullish ride…

This is the H4 chart of EURJPY. The chart clearly suggests that the price has been uptrending. 128.800 has been working as a level of resistance so far. The price came down up to 127.775 to make correction. We already have had an H4 reversal candle at that level. If the price starts moving towards the North and we get an H4 breakout at 128.800, then the price has enough space to go further up. An H1 breakout would do the job as well. However, an H4 breakout out is better since it would create more buying pressure.

• Buy Stop Order: 128.800
• Stop Loss Level: 127.500
• Take profit- 130.700
• 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

Please note that I am anticipating two levels of Support here. H4 chart suggests that it would be 127.775, whereas today’s price action suggests that the price go further down up to 127.550. In both cases, as long as we get a momentum breakout at our desired level, the setup is valid. There is a little space between them, and this is called support zone.

We hope that you enjoy our Free Forex Trading Signal today: GBPJPY Trade Idea – 29th June 2017 

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