On March 23 2022 I posted on social media @AidanFX “EURJPY Watch for buying opportunities against 132.31 stops for a move higher towards the 134.00-134.50 area“ The EURJPY 1 Hour chart below was also posted on social media showing the BUY scenario. The pair has been trending up forming a higher high/higher low sequence. At EWF we always encourage traders to trade with the trend and not against it. Besides the clear up trend another visible factor was both price and the RSI indicator formed a bullish divergence pattern (Pink) signalling an up trend continuation. Added sentiment was price also respected the Dynamic Support 50MA (Light Blue) in this same area. Also the Stochastic indicator was in oversold levels and the RSI indicator triggered BULLISH when it crossed above the 50 level. Entered trade at 133.16 with Stop Loss at 132.31 and looking for rally higher towards the 134.44 target level.
EURJPY 1 Hour Chart March 23 2022
On March 24 2022 I also posted on social media @AidanFX “Added EURJPY 2nd LONG/BUY at 133.77 with Stop Loss at 133.37 and targets at the 134.57 level.“ The chart below was also posted on social media with the 2nd BUY in blue.
EURJPY eventually moves higher and on March 24 2022 price hits the 1:1.5 RR target of the first BUY entry (Green) at 134.44 from the 133.16 entry for +128 pips (+1.5% gain risking 1% on every trade) and also hits the 1:2 RR target of the 2nd BUY entry (Blue) at 134.57 from the 133.77 entry for +80 pips (+2% gain risking 1% on every trade). If you followed me on social media @AidanFX you too could have caught the EURJPY move higher.
EURJPY 1 Hour Chart March 24 2022
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
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