EURJPY updated on 07/11/2019

EURJPY updated on 07/11/2019

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Technical analysis

EURJPY reached a lows Sept 2019 at 116.240 after a long time under sell pressure. From that lows EURJPY has but recovered recently and right now in forming its 3rd wave in a intermediate degree. The 3rd wave is just as half wave right now to reach its target ( without extension) probably at 123.200 techncially. To take some considerations for the entry point for a long with EURJPY, we think the current support zones from 119.900 to 120.000 should be the considered support to check further the price action at that time. To the current time at this post writing, EURJPY is trading around 120.280 price level at the H4 TF.


With a lower lows in the uptrending for the minor term, EURJPY has built now its positive divergence with stochastic; it means the accumulative phase is in the process.

Take your look at the depicted chart below for more references:



The trading strategy for EURJPY is a middle term, so a swing trading, is to keep waiting for the H4 candle further forming its support area at the mentioned price zone, after that, we will take a look for the price action to decide for the entry point. Take profit levels are some, but the first one should be at 121.236; at that price level, if EURJPY broken it up and then finds support there, then the strong momentum of the 3rd wave is indicated to articulate for the next higher price zone.

 


Trade well!

Tradingscenes team