EUR/JPY - 4 Hour Chart

EUR/JPY Signal Hits Take Profit – What’s Next?

Posted Tuesday, August 14, 2018 by
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

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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt is our 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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of