EUR/JPY Trades Does Well – What’s Next?
The EUR/JPY is falling dramatically to test the double bottom support zone of 127.400. Check out three solid reasons to stay bearish...
Arslan Butt•Wednesday, October 17, 2018•1 min read
The single currency Euro slipped as traders seemed uncertain about the EU summit and the outcome on Brexit issue. However, it turned in our favor as the weakness in Euro got us green pips in the EUR/JPY. What’s next for it?
As you can see on the chart, the EUR/JPY is falling dramatically to test the double bottom support zone of 127.400. Here are three solid reasons to stay bearish on EUR/JPY.
- The pair seems to form three black crows which demonstrates the selling bias of traders.
- Stochastic is below 50, which is signaling selling trend.
- The EUR/JPY is holding below 20 & 50 periods EMA, which is another sell signal for us.
EUR/JPY – Trade Plan
Since we already encashed the selling trend, now I’m looking for a buying trade in the EUR/JPY. Therefore, the idea is to place a buy limit at 129.200 to target 129.650 today. Good luck!
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
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
Subscribe
Login
Please login to comment
0 Comments
Oldest
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals