Strategy on currency pair EURJPY

  • Dec 06 2016
Strategy  on currency pair EURJPY

Strategy and research analyst on currency pair EURJPY

The very best advice for foreign exchange trading.
Euro exchange rate has risen significantly in the forex market against many currency pairs. A rate of the Japanese Yen, on the contrary, significantly lost its position in the foreign exchange market. This combination of demand and supply gives us a good chance to use the current market situation in our advantage. The rapid growth of the currency pair does not leave any doubt about the commitment by bullish traders. The graph clearly shows a strong upward trend. Given that the recent bulls once again took the initiative in their own hands and turn the bearish trend, we can assume that they will not stop. So  no particularly significant levels on the horizon of the foreign exchange market are observed. Hence, the growth of this currency pair may continue with renewed power and nothing can stop it. We set the level of profit-taking at the level of 125.00, as the congestion of the old resistance levels starting after it can stop the trend.

The price is above a simple moving average 200 MA and 20 MA indicating bullish trend.
The MACD trend indicator is above zero level now, indicating bullish movement.

If the resistance level is broken you can use the following recommendation:
•    Chart timeframe: H4
•    The trade recommendation: Buy
•    The level of entry into long position: 123.20
•    The level of profit and close the position: 125.00 (180 pips)

Precious metal GOLD 
Possible bearish movement in the breakdown of the support level 1156.70

Forex currency pair GBPUSD
Possible bullish movement in the breakout of the resistance level 1.2770

Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 1.0100

Forex currency pair EURUSD
Possible bullish movement in the breakout of the resistance level 1.0795

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