Bullish Engulfing In EUR/JPY - Can It Continue Its Trend? - Forex News by FX Leaders

Bullish Engulfing In EUR/JPY – Can It Continue Its Trend?

Posted Tuesday, April 10, 2018 by
Arslan Butt • 1 min read

Earlier today, the friendly remarks by Chinese President Xi Jinping eased the markets, which drove bears into safe haven assets. Yet, the ongoing trade war between China and the US is keeping Gold and the Yen on fire. Watch for the quick trade plan for EUR/JPY…

EUR/JPY –  Bullish Engulfing & Doji  

Looking at the 3-hour chart, the Japanese pair EUR/JPY is trading at 131.850 which is right above a solid support level of 131.750. The pair is also supported by a bullish trendline at 131.560.

Interestingly, the EUR/JPY broke above 131.750 and formed a bullish engulfing candle which managed to close outside the 131.750 zone. It’s a clear violation of resistance. The Doji candles above 131.750 are signaling a bullish bias of investors.

EUR/JPY - 3 Hour Chart

EUR/JPY – 3 Hour Chart

If you are looking for support and resistance levels, check our earlier update GBP/JPY & EUR/JPY Trading Levels – Risk High On President Xi Speech. Let’s move to trade idea.

EUR/JPY – Trading Plan

We just issued a forex trading signal to stay bullish above 131.800 with a stop below 131.5 and take profit at 132.2. 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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