Categories: Technical Analysis

EURJPY to find bottom soon

Market is slowly returning to its regular state after the holidays and volatility started to increase.
That being said we can look closely at the EURJPY pair which is currently forming a great buy setup.

Technical Overview:

D1 – Pair is close to Bollinger Band duplication and near a support zone. Also it already has formed bullish hidden divergence

H4 – Already at extreme levels, 20+ candles ride on the bollingers, double wave moves

Entry:
Starting from the current market levels 142.00 down to 141.00 the pair should find a bottom.
Drop to the H1 chart, wait for the initial wave up followed by double wave correction and consider a buy trade.
Target 1: 144.00
Target 2: 144.50 (gap zone)

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.