Hard Luck with EUR/JPY – Bullish Breakout On the Cards!
On the hourly chart, the EUR/JPY has come out of the sideways trading range of 127.350 - 127.725. The leading indicator is trading in a...
Arslan Butt•Monday, October 29, 2018•1 min read
In the absence of economic catalysts, the noise traders are taking control of the market, causing sudden and uncertain fluctuations. Same happened with our EUR/JPY trading signal. The pair continued to trade in profit, but all of a sudden, it dipped to hit our stop loss before coming to profit again. Anyhow, it’s part of a business. Are you ready for the next trade?
- On the hourly chart, the EUR/JPY has come out of the sideways trading range of 127.350 – 127.725.
- The leading indicator is trading in a buying zone (above 50), which is supporting the bullish trend of the pair.
- EUR/JPY is trading above 20 & 50 periods EMA, which is signaling another reason to stay bullish on the pair.
- The pair can face an immediate resistance near 128.375, while support prevails at 127.725.
EUR/JPY – Trade Idea
I will wait for the EUR/JPY to test and close candles below 128.375 in order to open a sell position for quick 50 pips. While keeping the stop loss at 128.600.
Good luck!
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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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