Good evening team,
Looking across the JPY pairs, all of them look like possibly buying opportunities. If the financial markets move in a risk-on sentiment tonight the JPY should weaken as it is a safe haven currency. The French and German indices both have set up bullish technical structures therefore I have decided to take a trade on the EURJPY.
EURJPY 4 Hour Charts
Major support is coming into play at 129.60, there has been a number of reactions around this zone previously. Furthermore, RSI is showing a bullish divergence.
EURJPY – 1 Hour Chart
There has been a breakout from the negative trend line resistance suggesting a move towards resistance is on the cards.
Trade setup: BUY market execution, current price 130.00, stop loss 129.50 and take profit 130.70-131.00
Stop loss: 50 pips
Take profit: 70-100 pips