Categories: Forex Education

EURJPY Heading Towards Monster Sell Area

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

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.