On February 2/2021 I posted on social media @AidanFX “EURJPY as long price stays above 125.59 the pair can push higher.” and “GBPJPY EURJPY will be watching for buying opportunities. Both pairs can push higher.“
The chart below was also posted on social media @AidanFX February 4/2021 showing that EURJPY was entering a zone where the pair can bounce higher. EURJPY was in a support/resistance zone where possible buyers could push the pair higher which was in line with the current trend confirmed with the higher high/higher low sequence. More added reason the pair could push higher was a bullish divergence pattern (pink) also formed in the same support/resistance zone. Watching and waiting for price to break and close above the descending trend line would trigger more buyers/bulls to get in the market.
EURJPY 1 Hour Chart February 4/2021
EURJPY eventually breaks above the descending trend line and on February 5/2021 price hits the 1:1 RR target at 126.85 from 126.22 entry for +63 pips.
EURJPY 1 Hour Chart February 5/2021
For the coming trading week (Feb.8-12/2021) we continue to see rising prices in the pair and expect more targets above to hit. Any pullbacks should offer buying opportunities with stops now moved at the February 4/2021 low.
EURJPY 1 Hour Chart February 7/2021
If you followed me on social media @AidanFX you too could have caught the EURJPY move higher. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
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 social media for updates and questions> @AidanFX
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different time frames and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trial
Back