EUR/JPY Trade Setup – Double Bottom In Play

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...


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

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.

Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
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.

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