MY THOUGHT'S ON EURJPY

1 Okt 2017

I've been watching this pair for a while now and sat back to really just let this trade come to me. As you can see we've been stuck in this bullish channel since august and are still in it. I'm currently in this trade as we speak, reasons for this our simple. Price action hit support at 132.000 were we got a bullish reversal Doji candle, this indicates change of price action which means bulls are looking to dominant this pair. Another reason I have entered this pair long is that I've drawn out my Fibonacci retracement from the Highest Low (HL) to the Highest High (HH) and price action has bounced off my 61.8% Fib and also off the trendline so this indicates more upside movement. First target is 134.400 I would love for price action to break above it get a retest off resistance which will be support at the time and continue heading up towards 136.600 (A). If at 134.400 price action does bounce off resistance I will be waiting for a break of the trendline, retest of trendline and that's when I wille nter to go short (B)