Boring Morning Sessions – A Buy Limit On EURJPY

During the Asian and European session today, the market remained quite dead. Perhaps, just like me, other investors are also waiting for the U.S. session. The possibility of dovish policy stance from Yellen and the negative forecast of ADP Non-farm are keeping the Buck on the lower side. Anyhow, we can trade crosses as they will not be highly impacted by the news.

Technical Overview – EURJPY

EURJPY isn't trending anymore and it's stuck in a tight trading range of $132.200 – $133. In fact, the pair is peaking out from the symmetric triangle pattern. On the 4- hour chart, we can see the bullish trend line was supporting the pair above $132.350 and now, the pair is near to violate it.  The 50- periods EMA is also supporting the bearish bias due to crossover at $1.3270. 

EURJPY Symmetric Triangle Pattern – 4 – Hour Chart ?

Support     Resistance

132.25          132.79    

132.08          132.96

131.81          133.23

Key Trading Level:    132.52     

EURJPY – Trading Plan

Fellas, keep an eye on $132.55 to stay in sell below it and $131.750 to buy above this level. The stop loss needs to be 30 pips away from the entry prices. Good luck and get ready for the New York session for some serious action.