EURJPY – Downside Thrust Underway before Higher

Guest Post by Nicola Delic

The Euro enjoyed decent gains against a basket of currencies, including the US dollar and the Japanese Yen. However, we will be keeping an eye on the EURJPY pair, as I think it might present us a nice buying opportunity. There is a chance that the pair might head towards the 139.40 resistance area to complete the recent bull-run. So, let’s look at the charts for a buy entry.

In order to enter a buy trade I think we should wait for the EURJPY pair to correct a bit lower to complete the pattern before we can enter a buy trade.

Technical Analysis

H4– Chart representing the possibility of the EURJPY pair heading towards 139.40.

Entry:

H1– We can enter a buy trade once the EURJPY pair corrects lower in three waves down close to the 135.60 area.

Target 1: 137.00
Target 2: 138.00
Stop Loss: Below 135.00

Video Explanation:

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.