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On the weekly chart, the price which is moving lower reached a strong support zone, respected it and bounced higher from this zone. Also, we had a bullish divergence that has formed between the first low that has formed at 155.146 and the second low that has formed at 154.774 based on the MACD indicator which we may consider as evidence of bullish pressure. We also have this bullish divergence on the RSI indicator as well, which we may consider as another evidence of bullish pressure. Also, there are currently no signs opposing this short term bullish view. So everything looks good here for the bulls and we may now move down to lower timeframe and look for evidences supporting this short term bullish view.
On the H4 chart, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Also while measuring this strong bullish move we have two key support zones that has formed. The first key support zone is formed based on the 23.6%(161.943) – 38.2%(160.559) Fibonacci retracement levels of the strong bullish move. The second key support zone is formed based on the 50%(159.441) – 61.8%(158.322) Fibonacci retracement levels of the strong bullish move. Until both these key support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further after retraces.
EURJPY W1(Weekly) Chart Analysis
EURJPY H4(4 Hours) Chart Analysis
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
Home Trader Club Team
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