EUR/JPY Signal Hits Take Profit – What’s Next?
Arslan Butt • 1 min read
Fellas, the trading activity is still slow in the wake of thin trading volume. However, our strategy of capturing quick 20/30 pips in the range bound market is doing pretty well. Our forex trading signal on EUR/JPY hit the take profit point at 126.850.
Two things to know about EUR/JPY
- Firstly, the Japanese Yen seems to get weaker as the traders are doing profit-taking on the safe-haven currency.
- Secondly, the single currency Euro is strengthening on the back of better than expected GDP. As we discussed before, the German GDP’s growth rate soared to 0.5% from 0.3%.
EUR/JPY – 4 Hour Chart
For the moment, the EUR/JPY is facing resistance below 20 periods moving average at 126.850. The violation of this resistance can extend the bullish momentum to 127.500, which marks a 61.8% Fibonacci Retracement level. That’s the level where I will be looking to take a sell position today. Stay tuned to FX Leaders’ Forex Signals page for more updates!