EUR/JPY Signal Hits Take Profit – What’s Next?
Arslan Butt•Tuesday, August 14, 2018•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!
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ABOUT THE AUTHOR
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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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