Direct from the desk of Dane Williams.
Ahhhh, back on my tried and trusty MT4 charts so let's get straight back into some real trading analysis.
With EUR/JPY printing indecision candles on daily support, something we've been watching for a few weeks now, there's been opportunity to trade around the zone from the long side.
The price action has been good and it looks like price is going to give us another chance to get long if you haven't been trading the zone so far.
EUR/JPY Higher Time Frame View
The last time we spoke about EUR/JPY on the blog, we went over the current higher time frame support/resistance zone that's currently in play.
If you missed it, click the link in the opening paragraph and go back to explore the narrative and discover how we got where we are now.
For a refresher, here's the updated daily below.
EUR/JPY Daily:
A chart that speaks for itself.
The main support/resistance line was from the pre-Covid high, a level I chose to prioritise because it was reactivated on the last rally when broken resistance was retested as support.
With price above higher time frame support, we've been looking to day trading around it from the long side only.
EUR/JPY Intraday View
I've had to do today's EUR/JPY intraday view in two separate charts.
The first hourly chart is from when price first bounced back above the higher time frame zone.
EUR/JPY Hourly 1:
You can see after price moved back above higher time frame support, we take the first short term area of resistance and when its retested as support, we use it to get long.
The second chart below, now shows today's price action.
EUR/JPY Hourly 2:
You can see that on Thursday and Friday last week, price has come back to retest our intraday zone and given us a second chance to get long.
I've thrown the 1:3 risk:reward levels onto the chart just for reference.
Come on EUR/JPY, pay us again :)
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.