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.

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