EUR/JPY Forecast

EUR/JPY Forecast: Still tempting to buy but, for Limited uptrend

EUR/JPY 17th April, 2015

EUR/JPY Analysis

EUR/JPY took another dip even it seems to be building a bullish trend as I’ve mentioned before in this post. EUR/JPY broke the strong support around 126.89 and found another support around 126.03 which seems to be the bottom line for the moment. Personally, I am still convinced that it will take a nice ride to 130 level. However, I am a little bit afraid from downtrend clouds. But, I will take the risk again and recommend to buy EUR/JPY between 126 to 127 and to take profit around 133 level. No need to mention that 135.40 is still potential target for this rally so, watch out your steps.

Important Note: In the previous post, if you followed my advices – you can see that you lost 50 pips in the 2 buy trades (100 pips in total) and won (110 pips) in single sell trade, if we sum up total pips, you won +10 pips. I’m mentioning this to make sure that everyone knows that even when my advices are not correct. You will be a winner!

The EUR/JPY has the following major resistance and support levels:

  • RESISTANCE: 135.40
  • SUPPORT: 126.03

Breaking these levels in any direction will take us higher or lower.

My Daily BUY/SELL advice (50 pips stop loss applied):

  • Sell: at 130.10 – Take profit 129.5 (60 pips profits)
  • Buy: at 126.5 – Take Profit 128 (150 pips profits)
  • Buy: at 127 – Take Profit 130 (300 pips profits)
  • Buy: at 127.2 – Take Profit 129 (180 pips profits)

This review is valid during trading week: 20th-24th April, 2015