I closed last nights trade for a gain of 25 pips. GBP/JPY has been tough for me lately so I have set my sight on EUR/JPY. I plan to buy around 112.90-113.00 with a TP 113.50-113.60. and SL 112.40-112.50..
I am bullish on this pair for now because the both the daily and 4 hour charts have broken above the 100 EMA and resistance at 112.50 and 112.90. The RSI are still looking healthy and resistance around 113.50-60 looks good for a test. Hourly support comes around 112.60-112.85. with the price still about 45 pips from the 100EMA and bearish pressure seems to easing by the looks of the price action.
The smaller timeframes are in a nice smooth range between 112.90 and 113.40 so a 30-40 pip trail is reccomended.
P/L RESULTS= + 60 pips
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