A Quick Trade Setup on EURJPY! - Forex News by FX Leaders

A Quick Trade Setup on EURJPY!

Posted Monday, November 20, 2017 by
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 BottomEURJPY – 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!

 
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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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