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:
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Awesome post.