Hi Traders! EURJPY forecast follow up and update is here. On November 25th I shared this “EURJPY Buy Idea Based On Multi-timeframe Analysis” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
EURJPY H1(1 Hour) Chart Current Scenario
Based on the above – mentioned analysis my view was bullish here and I was expecting the price to continue higher further until the strong support zone holds. The price action followed my analysis exactly as I expected it to and moved higher further delivering around 130+ pips move so far.
The market provided us with various facts here supporting this bullish view. We had a pullback in the form of an ABCD pattern with the price creating false break with bullish divergence between the first low at 123.905 and the second low at 123.898 based on the MACD indicator which we may consider as a fact provided by the market supporting the bullish view. The price then moved higher and broke above the most recent downtrend line which we may consider as another fact provided by the market supporting the bullish view. In addition to this the strong support zone was holding and there were no signs opposing this bullish view. The price then moved higher further and provided a fantastic move to the upside.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
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To your success,
Vladimir Ribakov
Certified Financial Technician
