Hard Luck with EUR/JPY – Bullish Breakout On the Cards!
Arslan Butt • 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.