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

Earlier today, the friendly remarks by Chinese President Xi Jinping eased the markets, which drove bears into safe haven assets...


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!

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.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers