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EURJPY Trading Analysis

Posted on Oct 26th, 2017

by colibritrader

EURJPY Trading Analysis

by: Colibri Trader

Hello everyone,

It has been a great day for EUR-shorts and DAX-longs. I was away from the screens today, so definitely missed these great moves.

DAX showed a couple of rejections on the Daily and there was a good entry opportunity at the 4 Hour timeframe. Anyways, as I like to say “turn your back on missed opportunities and look for the next one”.

EURJPY Trading Analysis

It looks like EURJPY might be just ripe for a bearish reversal. The daily timeframe has just touched a minor resistance area. There was a big bearish engulfing candle that formed at close today.

This is going to push the attention of the short-sellers towards this pair. On top of that, the bearish engulfing pattern is engulfing two candles, which is even a stronger indication of the negative bias.

Tomorrow, I will be looking for a retracement towards the 133.50 level, or around the middle of the candle. Depending on price action, I might consider shorting EURJPY. A possible target might be the first support level at 131.75. Secondary target could be the level of 128.00. It all will come down to price action!

Happy Trading,

Colibri Trader

p.s.

Don’t forget to check out my recent article on Divergences

or refresh your memory and visit Support&Resistance

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