StraightForex Blog

The EURJPY broke an important resistance level and it will probably head to the next LT resistance level. If we take a look at the weekly chart, we’ll see the it has a long way to go before the market hit the next 1W resistance level:

EURJPY

You got to be careful though, keep in mind that we are talking about the weekly chart and it could take a while before the market hits this resistance level. I would say at least two weeks, but If you trade the long term charts, I would recommend you to look for long trade opportunities (in your own risk of course).

Trade Safe
Raul Lopez

Even though the EURJPY retraced from 132.59 to 131.82, it is still in a bullish market condition. It broke an important short term resistance level during the European session, so I’ll be looking for a long trade opportunity:

EURJPY

Here is my trading plan:

As long as the EURJPY trades above 131.90 I will be looking for long trade opportunities. My next LT resistance level is at 135.20 (we could see some resistance around 134.30 though).

If the market breaks the 131.90 down, I will be in the sidelines.

Trade Safe!
Raul Lopez

Yesterday we wrote about the weekly outlook of the EURJPY, on the weekly chart the market was bullish, today we can confirm what we wrote in the daily charts, it is also in a bullish market condition:

EURJPY

And as you already know, when the market is in a bullish market condition, its time to look for long trade opportunities.

My Trading Plan:

As long as the EURJPY keeps trading above 132.03 I will be looking for long trade opportunities. My next long term resistance is placed at 135.20.

All short opportunities will be ignored.

Trade Safe
Raul Lopez

Sometimes it’s good to have a look at the weekly and monthly charts to have a better idea of where the market is heading. Take a look at the EURJPY weekly chart:

EURJPY

In this chart, it is clear that the market is ranging in between the main support & resistance area. But what is more important is “how” the market behaves when it gets close to the main support area, it gets rejected with strength. This gives us a good idea of where the EURJPY is heading, probably in the next weeks it will het the main resistance area, which is 600 pips from where the market is trading now.

Of course we’ll need to use the short term charts to pinpoint our entry (this way we´ll get a good risk reward ration).

Trade Safe!
Raul Lopez