EURJPY Trade Idea: Bullish Reversal Setup
I am currently monitoring EURJPY for a bullish reversal with a potential move to the upside. The price action is forming a solid base around the key support level at 160.000, which has held strong in previous tests.
Key Support Level: 160.000
Trigger: A successful retest of the 160.000 support level will confirm this level holding, giving the pair a foundation for the next leg up.
If the price holds at 160.000, I anticipate the formation of a higher low, setting up for a rally toward the next major resistance at 167.500.
Trade Plan:
Entry: Upon a successful retest and bounce from the 160.000 support level.
Stop-Loss: Below 159.000, slightly beneath the key support level to allow room for price fluctuations.
Target: First target near 167.500, which corresponds to a major resistance and recent swing high.
This trade offers a favorable risk-to-reward ratio, and the potential for a significant upside move as the pair resumes its upward trend.
Eddy C | Swing Trader 📊
Key Support Level: 160.000
Trigger: A successful retest of the 160.000 support level will confirm this level holding, giving the pair a foundation for the next leg up.
If the price holds at 160.000, I anticipate the formation of a higher low, setting up for a rally toward the next major resistance at 167.500.
Trade Plan:
Entry: Upon a successful retest and bounce from the 160.000 support level.
Stop-Loss: Below 159.000, slightly beneath the key support level to allow room for price fluctuations.
Target: First target near 167.500, which corresponds to a major resistance and recent swing high.
This trade offers a favorable risk-to-reward ratio, and the potential for a significant upside move as the pair resumes its upward trend.
Eddy C | Swing Trader 📊
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