EURJPY Price Action Analysis – 3rd Aug 2017 | Free Forex Trading Signal

EURJPY Price Action Analysis – 3rd Aug 2017

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EURJPY Price Action Analysis – 3rd Aug 2017

EURJPY offered us an entry, which was recommended 01.08.2017 by us. The pair seems to be strong enough to go further up. The H4 chart suggests that if we get a breakout, then the pair would offer us another long entry later today or tomorrow. Let us have a look at the H4 EURJPY chart…

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As we see on the chart that the pair went up to 131.380. Then, it has been having consolidation. The level of 131.020 has been acting as support so far. If this level is held and produces an H4 Engulfing candle, then we would have to wait for a breakout at 131.380 to take a long entry. It is important that the H4 reversal candle (H4 Engulfing candle) makes the breakout.

Let us have a look at the summary of the trade

  • Buy Stop Order: 131.400
  • Stop Loss Level: 130.800
  • Take Profit Target: 132.200
  • 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

It might take time for the breakout to take place here since tomorrow NFP-Unemployment data is going to be released. That is why we need to have a strong breakout here. Although, NFP is directly related to the USD, but EURO and JPY both have a strong relation with the USD. Thus, EURJPY might start reacting from today. If the pair gets sluggish which is more likely, then the best thing would be if the signal on this trade setup comes after NFP’s declaration. I assume that the market will be hot again after this NFP release.

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We hope that you enjoy our Free Forex Trading Signal today: AUDJPY Price Action Analysis – 28th July 2017

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