A Quick Trade Setup on EURJPY!
Arslan Butt • 1 min read
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.
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!