this pair have been rallying up since 7th march of the current year ( please look at the daily chart of the EURJPY pair ) and the bullishness of this pair is due to a very weak Japanese yen the currency traded against the euro, the fundamental reason behind a soft Japanese yen is because of the fact that the bank of Japan is having an unlimited bond buying which is making the Japan currency losing from it’s value getting weaker and weaker over the time and falling down to a historical lows ( please look at the attached chart of the Japanese yen currency) , so the bond buying keeps on , the Japanese currency will remain week and all the pairs where they have the Japanese yen traded against will like USDJPY, CADJPY will remain bullish , you might see some corrections which is a normal thing in the markets but they will not lose their strength and bullishness , you can fact check the charts yourself, you will see that all the pairs where they have the Japanese yen as a quote currency strong and bullish.
Now from the technical perspective you this pair is clearly bullish, it kept printing higher highs, lower lows , since weeks now . as an intraday trader I’m mostly focused on intraday moves so if we zoom in to the 1h frame ( please open the attached 1h frame chart) you can see an intraday bullish structure being formed above our strong demand zone at 142.92 , and if you scroll the chart to the left you will notice that the price have been rejected from this same demand zone 3 times , this makes it as a bullish confirmation so an entry from the current price at 143.12 is considered as a nice entry as I expect the price to keep it’s bullishness and to pump up toward the bullish targets at 143.45 as a first target(37 pips) , to 143.65 as a second target ( 56 pips ) , to 143.88 as a third target ( 80 pips ) and lastly to 144.16 as a last target ( 110 pips ) . as for the stop loss it’s better to put it under the demand zone exactly at 142.66 to give the trade enough space to breath and to get out from the markets in case a stronger correction occur, we don’t want to remain in the market if it happens. if the correction occurs and the trade gets stopped I’ll update the chart, and I’ll stay and remain bullish even then due to the mentioned facts above.
I hope the explanations are clear , I made the charts labelled so you get a better understanding of the analysis.
If you enjoy my work here and you find my posts ana analysis of use and value please do support me by liking the post and commenting bellow I’d appreciate it , if you are new around my profile check my previous pots the value is assured you will learn a lot , and make sure to follow me so you don’t miss any future post or update or trading opportunity , I’ll keep on sharing as much as possible .
That said I wish you all good luck , always use a proper money management and I’ll see you in the next post soon.
Now from the technical perspective you this pair is clearly bullish, it kept printing higher highs, lower lows , since weeks now . as an intraday trader I’m mostly focused on intraday moves so if we zoom in to the 1h frame ( please open the attached 1h frame chart) you can see an intraday bullish structure being formed above our strong demand zone at 142.92 , and if you scroll the chart to the left you will notice that the price have been rejected from this same demand zone 3 times , this makes it as a bullish confirmation so an entry from the current price at 143.12 is considered as a nice entry as I expect the price to keep it’s bullishness and to pump up toward the bullish targets at 143.45 as a first target(37 pips) , to 143.65 as a second target ( 56 pips ) , to 143.88 as a third target ( 80 pips ) and lastly to 144.16 as a last target ( 110 pips ) . as for the stop loss it’s better to put it under the demand zone exactly at 142.66 to give the trade enough space to breath and to get out from the markets in case a stronger correction occur, we don’t want to remain in the market if it happens. if the correction occurs and the trade gets stopped I’ll update the chart, and I’ll stay and remain bullish even then due to the mentioned facts above.
I hope the explanations are clear , I made the charts labelled so you get a better understanding of the analysis.
If you enjoy my work here and you find my posts ana analysis of use and value please do support me by liking the post and commenting bellow I’d appreciate it , if you are new around my profile check my previous pots the value is assured you will learn a lot , and make sure to follow me so you don’t miss any future post or update or trading opportunity , I’ll keep on sharing as much as possible .
That said I wish you all good luck , always use a proper money management and I’ll see you in the next post soon.
Trade closed: target reached:
all bullish targets are touched , we had a nice price pump after london session open , the trade setup played well with zero drawdown .