EURJPY Long
On the Intraday Chart EURJPY is between identified Support and Resistance structures.
Support was tested on 3 occasions in late August , before moving up.
Price has been meandering around the 50 EMA which is steadily rising.
The present retracement has broken the prior swing resistance and consideration is given to
the prior swing low to act as an intermediate support level.
The RSI has printed below 50 level , indicating sellers are in control.
It is not into the oversold region, so there is room for price to move further lower.
A long entry is considered
Conditions to be met
1. Price to touch or enter the retracement zone identified.
2. No candle can close below the zone ( 138.90)
3. A wick may pass below the zone.
Essentially you are looking for a Double Bottom Structure.
Entry - trigger will be a bull candle close.
Stop - 1 ATR14 below the swing low ( around 138.60)
Target - as there are 2 positions with equal risk of .5% - 1% , there are 2 targets.
Target 1 - the prior swing high , which will be the 50% level between Support and Resistance zones.
Target 2 - between the 78.6% and 88.6% level between Support and Resistance.
RR is between 2 and 5
Support was tested on 3 occasions in late August , before moving up.
Price has been meandering around the 50 EMA which is steadily rising.
The present retracement has broken the prior swing resistance and consideration is given to
the prior swing low to act as an intermediate support level.
The RSI has printed below 50 level , indicating sellers are in control.
It is not into the oversold region, so there is room for price to move further lower.
A long entry is considered
Conditions to be met
1. Price to touch or enter the retracement zone identified.
2. No candle can close below the zone ( 138.90)
3. A wick may pass below the zone.
Essentially you are looking for a Double Bottom Structure.
Entry - trigger will be a bull candle close.
Stop - 1 ATR14 below the swing low ( around 138.60)
Target - as there are 2 positions with equal risk of .5% - 1% , there are 2 targets.
Target 1 - the prior swing high , which will be the 50% level between Support and Resistance zones.
Target 2 - between the 78.6% and 88.6% level between Support and Resistance.
RR is between 2 and 5
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