A Quick Trade Setup on EURJPY!

Earlier today, we shared a forex trading signal on Gold which is trading in the green zone now. I'm looking at forex crosses for more opportunities, and I think I found one. Are you up for another high probability trade?

Technical Overview – EURJPY

EURJPY fell dramatically due to weakness in Euro. But for now, the technical side is discouraging the sellers, and buyers are likely to dominate. For instance, looking at the 4- hour chart, the EURJPY has formed a triple bottom level at $131.400, and it signifies a potential reversal in the pair.  

EURJPY – 4 – Hour Chart – Triple Bottom

We can also see a candlestick pattern, "hammer," followed by a sharp bearish momentum. This shows that the sellers are exhausted and bulls are likely to buy the oversold currency pair.

Support     Resistance

131.74       132.85

131.34       133.56

130.63       133.96

Key Trading Level:    132.45

EURJPY – Trading Plan

The idea is to buy above $131.600 with a stop below $131.150 in order to target $132.250. Good luck!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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