2019-11-11 • Updated
Trade idea
SELL 120.30; TP 119.80; SL 120.50
BUY 121.85; TP 122.20; SL 121.70
EUR/JPY has been moving up since the start of September. At the beginning of October, it formed a higher low. The pair is currently consolidating between 61.8% Fibo of the July-September decline at 120.45 and the 78.6% Fibo level at 121.75. All in all, EUR/JPY is at the upper edge of its channel. It looks like there’s a need for correction to the downside. The decline below 120.40 will open the way down to the support at 119.80 (100-day MA).
On the upside, the next obstacle above 121.75 is at 122.20 (200-day MA). So far, the price action in line with the bearish harmonic “Bat” pattern: that means that the pair may get to test levels around 122.20/50, but then turn lower. As a result, it may be possible to pursue higher levels on positive news from the euro area, though one will have to be careful with that.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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