Another JPY pair nearing a strong weekly resistance, near its 2014 levels. Not an ATH as it hit higher levels between 2006 and 2008, but a significant one to watch. It is likely that this week the daily timeframe will give us a clearer indication of where it's heading.
Trade active:
EURJPY
Price action is stalling around 147 creating selling pressure. Following the analysis shared yesterday, decided to open a small short position with a conservative TP target before first clear support level.
Used the 2H and 4H for entering the trade, but the daily is currently shaping up for a very nice bearish pin bar. If this is confirmed will add to the trade with a more ambitious take profit target too.
EURJPY
Price action is stalling around 147 creating selling pressure. Following the analysis shared yesterday, decided to open a small short position with a conservative TP target before first clear support level. Used the 2H and 4H for entering the trade, but the daily is currently shaping up for a very nice bearish pin bar. If this is confirmed will add to the trade with a more ambitious take profit target too.
Trade closed: stop reached:
So, closed first short position at breakeven as I usually move the stop loss to breakeven when the trade is 20+ pips in favor. I know I am giving the market short space to move but prefer it that way as it avoids surprises when I am away from the computer and get back only to see a positive position turning negative or stopping me out negative.
