On July 29 2020 I posted on social media Stocktwits/Twitter @AidanFX “EURJPY if we break above 123.98 then i will looking to BUY “
The chart below was also posted on social media StockTwits/Twitter @AidanFX July 29 2020 showing that a bullish Cup & Handle pattern was clearly visible on the 4 hour chart calling for a possible move higher. The bullish pattern triggers BUYS when price breaks above the handle of the cup. The market pattern formed during an uptrend, stayed above the 200 moving average and the base formed on the top half of the uptrend move. I advised traders to watch for price to break above the handle and expect a rally higher when it does.
EURJPY 4 Hour Chart July 29 2020
On July 30/2020 price breaks above the handle and BUY entry was triggered at 123.98 with stop loss at 122.83.
EURJPY 4 Hour Chart July 30 2020
The pair rallies higher and August 13/2020 hits the 1:2 RR target at 126.28 for +230 pips. The pair, as of August 21 2020, has yet to hit the remaining 1:3RR or 1:4RR targets but there is still possibility in the coming weeks that it can push higher and hit them. Only time will tell.
EURJPY 4 Hour Chart August 13 2020
On August 11 2020 I also posted the 2nd BUY on social media Stocktwits/Twitter @AidanFX “EURJPY Possible pair can rally higher. Watch for possible buying opportunities. Will be adding more BUYS.”
The chart below was also posted on social media StockTwits/Twitter @AidanFX August 11 2020 showing that a bullish wedge breakout pattern was visible on the 1 hour chart calling for a move higher. Price bounced off the support/resistance level (brown), bullish divergence pattern formed (pink) adding more confirmation to enter the 2nd BUY on the break above the wedge pattern. 2nd BUY entry (light blue) triggered at 124.67 with stop loss at 124.29.
EURJPY 1 Hour Chart August 11 2020
The pair eventually rallied higher and hit the 1:5 RR 2nd BUY target at 126.57 for +190 pips. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the EURJPY move higher.
EURJPY 1 Hour Chart August 13 2020
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
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