EUR/JPY Trade Setup – Double Bottom In Play
Arslan Butt • 1 min read
Earlier today, we shared a forex trading signal to open a buy position in the EUR/JPY. The market is a bit slow today, perhaps investors are waiting for the SNB monetary policy later today. Check out the update on our EUR/JPY trading signal.
The Japanese cross EUR/JPY traded bearishly and failed to break below the major support zone of 130.950.
EUR/JPY – Hourly Chart
On the hourly chart, the pair moved far away from the 50 periods EMA. Undoubtedly, the pair is keeping a bearish trend, a good chance to catch the retracement.
Switching to 4-hour chart, the EUR/JPY closed with a solid green candle, signifying strong bullish bias of investors. Moreover, the RSI is already in the oversold zone and it’s logical not to enter a sell position here.
EUR/JPY – Trading Idea
Stay bullish above 130.950 with a stop below 130.750 and take profit near 131.50. Taking a sell position below 131.55 is a great idea but wait for our signal.