EURJPY Update for October 23, 2015

October 23, 2015

The 133.42 – 134.05 target hit in EURJPY. I pointed out in my October 15th analysis how EURJPY failed to challenge the channel top and fell down from it. My view at the time was that it was too late to short the pair as it was trading near support levels. Therefore, I suggested that we should sell the rallies.  I wrote at the time: looks like there could be some short opportunities should the market rally first. Now that the market has dropped down to 137.35 support it is too late to be an aggressive seller but the sell opportunities could be found at or near 136.33 resistance (if momentum reversal signals confirm the idea) while the support range at 133.42 – 134.05 is likely to be an area to attract buyers and would therefore make sense as a target level for short trades. 

Market rallied from the support, hit the 136.33 resistance and fell down to the target range suggested in the report. Currently the pair is trading inside my target range and is about to create a bullish pin bar in 4h chart. This suggests to me that it is time to close the short trade and bank the profits. The trade brought over 230 pips profit to our traders.

Publication source
HotForex information  HotForex reviews

December 6, 2016
What will happen with the euro after the ECB meeting
Morgan Stanley strategists believe that the ECB will keep rates on hold at this week’s meeting, but can expand its QE purchase program. But they consider different scenarios with various responses from the euro...
December 6, 2016
Euro shrugs off Italian referendum results rallying to a 2-week high
The single currency opened Monday on a bearish note but managed to pare losses as investors brushed aside the Italian referendum results. EURUSD closed at a 2-week high right near the resistance level of 1.0765 as noted in yesterday's commentary...
December 6, 2016
Financial markets gripped by Monday jitters
Risk aversion intensified during early trading on Monday following reports of Italian Prime Minister Matteo Renzi experiencing a crushing defeat in the referendum on constitutional reforms which sparked concerns of renewed political instability in Europe...

Trade360 Rating Rating
XM Rating
Vantage FX Rating Trade Rating
FIBO Group Rating

Grand Option Rating
Binary Brokerz Rating
Banc De Binary Rating
EZTrader Rating
TropicalTrade Rating
Anyoption Rating