Wow, what a bounce nearly 200 pips. The move netted us a 60 pips. It seems as though tonight may follow suit early in the seesion.
I plan to buy EUR/JPY around 114.00 with a TP 114.60-114.70 and SL 113.40-113.50.
The pair has broken through it first significant resistance on the 4 hour chart around 114.00. RSI looks stubborn as it stays close to the roof. Important 114.00 support coupled with overall trend and the RSI reading suggest that a test of 114.60-114.80 is due. Hourly chart looks very bullish with the 100EMA in the dust and strong waves. Selling at these levels is not logical. A SELL ORDER AROUND 115.00 for a quick 40-50 is MORE LOGICAL.
Shorter time frames are looking mildly bearish which is why I think that buying a little lower has a better risk/reward ratio. Resistance up around 114.70 and support down at 114.00 and again around 113.50.
P/L RESULTS = +65 pips
ReplyDelete