The price was further in a strong down trend part of the reason was on the risk off environment since deteriorating of the Russia-Ukraine conflict. Although the US job report outperform the market expectation numbers, but the investor and traders are more concern on the development of the Russia-Ukraine conflict. As such, safe heaven currency JPY are more favourable of which has resulted the pair was in an tremendous bearish movement with 250pips ++ since Friday London session till US session.
EURJPY has breakout of the 127.50 key level and now price is trading at 124.60 level at Asian session. The breakout of the zone (previously support) would be an ideal zone for sell trade as it has now become a support become resistant. Thus, should the price retest again the zone, look for sell entry again once sell confirmation appears.
Suggested entry: 124.90; SL 125.60; TP 123.50
Daily support 124.00, 123.50,
Daily resistant 125.60, 127.50
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis, you are suggested to have your own analysis where SL/TP that you find is appropriate.
2)Trade at your own risk with proper lot sizing and follow your own trading plan.
3)Risk management is always be the top priority.
EURJPY has breakout of the 127.50 key level and now price is trading at 124.60 level at Asian session. The breakout of the zone (previously support) would be an ideal zone for sell trade as it has now become a support become resistant. Thus, should the price retest again the zone, look for sell entry again once sell confirmation appears.
Suggested entry: 124.90; SL 125.60; TP 123.50
Daily support 124.00, 123.50,
Daily resistant 125.60, 127.50
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis, you are suggested to have your own analysis where SL/TP that you find is appropriate.
2)Trade at your own risk with proper lot sizing and follow your own trading plan.
3)Risk management is always be the top priority.