The Euro enjoyed a good bull run recently not only against the US Dollar, but also against the Japanese Yen. The EURJPY pair traded higher and broken a critical resistance area of 138.00. However, it is heading towards a monster resistance area where sellers could appear. There is a chance of a wave duplication on the weekly chart, which might complete around the highlighted major resistance of 144.00-145.00.
So, I think we should wait for the pair to make the next move, and if trades closer to the stated resistance area we may look for a sell opportunity.
Technical Analysis
W1 (weekly)– Chart highlighting a major resistance area around 144.00-145.00.
Entry:
D1/H4– We can enter a sell trade in the EURJPY pair if it moves higher from the current levels and trades closer to the 144.00-145.00 resistance area. Once this level is reached we should look for sell setups.
Target 1: 140.00
Target 2: 138.00
Stop Loss: Above 150.00 or the last high created once we enter into a sell trade
Video Explanation:
Yours,
Vladimir
