As expected the market gaped up over the weekend on Macron's win. EURJPY remains bullish overall. The gap was quickly filled (major bulls profit taking) and price has once again visited my yellow line as of this morning Although there is a pretty nice bearish head and shoulders formation, nonetheless, thus far price is bouncing off of the 123.00-123.20 level.I will enter a long, as soon as prices remain stable moving to the upside once again. I am basically using short retracements to buy EURJPY.
I feel a bit of de-ja-vu. Only this time thankfully the ADX is above 20 and there is some market volatility. My first stop loss level or bid level if current support does not hold is just below 122.80 , after that 122.50. For persons entering long at this level (123.20 ish).. Take profit levels will be at 123.50 123.80 and 124.00 , 124.50.
EURJPY bears should be careful and not anticipate sustained moves below 122.50 at this time, as the big players (banks) are basically all long EURJPY.
I feel a bit of de-ja-vu. Only this time thankfully the ADX is above 20 and there is some market volatility. My first stop loss level or bid level if current support does not hold is just below 122.80 , after that 122.50. For persons entering long at this level (123.20 ish).. Take profit levels will be at 123.50 123.80 and 124.00 , 124.50.
EURJPY bears should be careful and not anticipate sustained moves below 122.50 at this time, as the big players (banks) are basically all long EURJPY.
My next take profit target is about 15-15 pips away at 123.40.
I will evaluate how price responds to swing high of 123.55 to see if I will take full profits at this level or leave on, for further move to the upside.