Oct. 20: Quick Trade Setup On EURJPY! - Forex News by FX Leaders

Oct. 20: Quick Trade Setup On EURJPY!

Posted Friday, October 20, 2017 by
Arslan Butt • 1 min read

A day before, our forex trading signal on EURJPY went really well. Thanks to Carles Puigdemont who disappointed to abandon the region’s push for independence which lead to a sudden weakness in Euro. I'm seeing another setup on EURJPY. Let's take a look at  it.

 

Technical Overview – EURJPY

EURJPY reversed dramatically after hitting our target of $132.600. Taking a look at 3- hour chart, the pair has broken above the bearish trend line at $133.400. At the same level, the pair formed a double top pattern which is now violated. It's clearly signaling the bullish bias of the investors.

EURJPY - 3 - Hour - Bullish Breakout EURJPY – 3 – Hour – Bullish Breakout ?

The leading indicators are holding above 50, the bullish zone. It means there is still room for further buying.

Support      Resistance

132.69         133.84    

132.00         134.30    

131.54         134.99

Key Trading Level:   133.15    

 

EURJPY – Trading Plan

The idea is to stay in buying above $133.250 and $133 with a stop below $132.750 in order to target $134.250. Good luck!

 
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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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