EURJPY Long

List of confluences:

1: Falling Wedge Breakout
2: Trendline Breakout
3: Key Level Breakout and Change in Market Structure


When looking at the larger time frames, we can see that EURJPY remains in a uptrend. We have also seen the market pull back which signalled a chance to
enter in the direction of the bigger picture trend. We have listed 3 reasons as to why we will be looking to Buy/Long the pair. We are expecting a potential
return of between 12.12 % to 24.24% at 1 - 2 % risk per trade.

Trade active:

Price moving as expected. We will let the trade run for a few for days
considering the fact that the Euro still remains bearish in the bigger
picture against most currencies pairs. It so happened that the Euro
has gained the interest of buyers in the short-term whilst the JPY
remains bearish in the bigger picture which presented this opportunity
to go long.

Comment:

As per analysed before, the euro remains remains bearish and so does JPY.
This resulted in the pair consolidating, leading to us deciding to close at around breakeven. Not to the next setup now.

Comment:

Price moving sharply in the direction as per setup!

Comment:

Despite the intervention from the Japanese Central bank which caused a spike in all the Yen crosses, we still maintain our bearish outlook for the Yen. The Japanese central bank continues to keep interests as low as they can while other central bank continue to hike, which will result in other pairs being strong then the Yen.