EURJPY – Get Ready To Catch Retracement!

During the last week, Japanese Yen gained momentum against the other currencies on the release of Tankan Manufacturing Index...

Written by: Arslan Butt • Monday, December 18, 2017 • 1 min read

• Last updated: Monday, December 18, 2017

During the last week, Japanese Yen gained momentum against the other currencies on the release of Tankan Manufacturing Index. The figure came out at 25 vs. 22 previously. As a result, most of the Japanese currency pairs entered into oversold zone. But EURJPY has completed the retracement now. Check out the trade plan for the day…

EURJPY – 50% Retracement

The cross currency pair is consolidating below strong resistance level of 132.850. As discussed earlier, the has just completed the 50% retracement at 132.850.

EURJPY - 60 - Mins Chart

EURJPY – 60 – Mins Chart

On the hourly chart, we can see a bullish price action. The pair has broken above 132.670, the solid resistance level. Besides that, the pair has also crossed above the 50- periods EMA at 132.550. Therefore, it’s making investors bit confused about the further trend on the market. Let’s check out our trading plan.

Support Resistance

132.09 132.61

131.93 132.77

131.67 133.03

Key Trading Level: 132.35

EURJPY – Trading Plan

Folks, I may add buying above 132.35 to target 133 and selling below 133 to target 132.400. The stop loss shouldn’t be more than 30 pips on both sides. Good luck and stay tuned for more updates!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account
Read our latest reviews on: Avatrade, Exness, HFM and XM

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.