JPY crosses/Technical Analysis/Trade Ideas

EUR/JPY: Favour return to test highs near 104.00

The EUR/JPY 4-hr chart is in a clear uptrend and the retracement off the recent highs at 103.85 looks to have run its course. This dip stalled at the 200-period MA and 50% retracement level, giving it extra credibility. Clear risk-reward trade here is to buy dips to 100.50 in anticipation of further imminent gains.

  1. this will be the trade for me on friday. when us comes up with nfp. infact today’s adp data might be an indication of what to expect on friday.

  2. Morning Sean,

    Could you re-explain me, how do you find this dip level at 100.50 ? Obviously, i have missed out something with your comment…

    Thanks

  3. Thanks for the reply. I have thought that you had used the 4-hr chart to define this level and i have considered this latter for 45 minutes…Many times, i have complicated my life 😉

  4. I don’t have any fixed method of picking trades but generally I get the direction off the 4-hr chart and then I use the 1-hr chart to trade the position ie find good levels to increase/decrease.

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