Technically and fundamentally this setup should work out due to the JPY being the most undervalued safe-haven currency.
With a recession looming and trade talks going no-where. JPY strength could be one of the best trades this year.
With bearish momentum, I see that the EUR/JPY is currently ranging and gearing up for a breakout of this range.
For the best trades, I would wait for confirmation of the break. e.g. close of the 4HR candle below this major support zone highlighted in grey.
Once it has broken a re-test of the support turned resistance will be the best trades and continuing this trend all the way down to T4. This will obviously not happen overnight as the Targets are huge but long term I see this playing out nicely for the ones who are patient and happy to wait for the right opportunities.
Be careful not to overtrade and be wary of the following risks that could hamper this trade:
1. Trade wars being resolved
2. Global economies continuing to grow which will kick recession fears down the road.
All these could cause some serious pullbacks and even reverse the trend. Once zones are broken I'd suggest a stop loss above the new resistance zones to ensure that you don't get stopped out.
Good luck and I look forward to seeing how y'all profit. Thank you
With a recession looming and trade talks going no-where. JPY strength could be one of the best trades this year.
With bearish momentum, I see that the EUR/JPY is currently ranging and gearing up for a breakout of this range.
For the best trades, I would wait for confirmation of the break. e.g. close of the 4HR candle below this major support zone highlighted in grey.
Once it has broken a re-test of the support turned resistance will be the best trades and continuing this trend all the way down to T4. This will obviously not happen overnight as the Targets are huge but long term I see this playing out nicely for the ones who are patient and happy to wait for the right opportunities.
Be careful not to overtrade and be wary of the following risks that could hamper this trade:
1. Trade wars being resolved
2. Global economies continuing to grow which will kick recession fears down the road.
All these could cause some serious pullbacks and even reverse the trend. Once zones are broken I'd suggest a stop loss above the new resistance zones to ensure that you don't get stopped out.
Good luck and I look forward to seeing how y'all profit. Thank you
Trade active:
Target 1 has been as expected, onto target 2