Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
Long EUR/JPY at Market

Long EUR/JPY at Market

James Stanley, Senior Strategist

To receive James Stanley’s Analysis directly via email, please sign up here.

This setup is fully explained in our EUR/JPY Technical Analysis article entitled, Higher-Low After Bullish Break post-ECB.

Coming into last week’s ECB meeting, EUR/JPY was finding short-term resistance around 121.00, and we had pointed out a key zone of confluent resistance a bit higher on the chart. If bulls were able to take out that zone of resistance, the prospect of top-side continuation became considerably more attractive. This zone is now showing as ‘higher-low’ support, and with a heavy dose of data on the calendar for the remainder of this week, the potential for continued bullish movement is certainly there.

Stops on the position can be set to below that prior batch of resistance around 121.00. A stop at 120.65 would be taking on approximately 123 pips of risk with current prices, and this could allow for a slightly better than 1:1 risk-reward ratio up to the key area of resistance around 123.10. If 123.10 comes into play, stops can be adjusted to break-even with eyes on deeper profit targets, set for 124.09, 125.00, and then 126.45.

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES