EUR/JPY Testing Triple Bottom – Is It Going to Reverse? - Forex News by FX Leaders

EUR/JPY Testing Triple Bottom – Is It Going to Reverse?

Posted Thursday, October 18, 2018 by
Arslan Butt • 1 min read

It’s been another good start of the day as team FX Leaders managed to secure three profitable trades in gold, EUR/JPY, and Nikkei. During the Asian session, we opened a trade to sell EUR/JPY below 129.400 to target 129.070 but the market missed our target just by inches. However, it was a good idea to close the position manually in profit as the pair reversed right after closing the position.

For the moment, the EUR/JPY is trading near 129.400, right above the triple bottom support level of 129.200. Good thing is, the pair has formed a hammer pattern on the hourly chart, which is indicating a potential of a bullish reversal.

Support     Resistance
129.36        129.47
129.3          129.52
129.19        129.63
Key Trading Level: 129.41

EUR/JPY – Trade Plan

The idea is to stay bullish above 129.200 to target 129.650. Whereas, the market can stay bearish below 129.650. In the case of a bullish breakout of 129.650, we may see EUR/JPY flaying towards 129.850. Good luck!

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About the author

Arslan Butt // 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.
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