Free Profitable Forex Newsletter
Hey! This is Philip with this week's trade idea of the Free Profitable Forex Newsletter!
EURJPY likely to resume downtrend now
The EURJPY currency pair pierced through the 125.00 round number resistance level yesterday but was rejected here and is now back below it. The overall price action on the intraday charts (1-hour and 30-min) also suggests that a top is forming and bearish divergence exists on momentum oscillators such as the RSI.
Markets are still in a risk-off mood due to the late December equity turmoil so bearish opportunities on JPY pairs look attractive. The Euro, on the other hand, remains unfavored as domestic economic and political woes are pressuring it on the bearish side.
Additionally, the technicals on USDJPY are also bearish while EURUSD has reached resistance around 1.1550 and is now declining. The bearish outlooks for these two pairs should further help the bearish case for EURJPY.
The EURJPY technicals are shown on the chart below and we can see that several consolidation channels have been formed since the flash crash but the bullish momentum is weakening with each new channel. This trade will work well if risk-off kicks in again (S&P/stocks falling or other news headline) while a main risk is if risk appetite returns instead (e.g. China and Trump announce they’ve reached a deal).
- Look for selling opportunities around current levels 124.60 or close to 125.00 (if it gets there at all). A break of the most recent channel would likely accelerate the decline.
Stop loss:
- Above 125.00 and at the rising trendline of the channel till the channel is broken (at the moment that is 125.20). After it's broken stop can be tightened below 125.00.
Target:
Trade signals from the past few weeks
(FREE + FULL paid newsletter)
Week December 17 - December 21 2018
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December 17, 2018 – Short EURUSD from 1.1335, stop triggered at 1.1360 = -25 pips (featured in full and free newsletter)
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December 18, 2018 - Target reached at 112.50 on short USDJPY from 113.55 = +105 pips profit (featured in full and free newsletter on December 04, 2018)
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December 20, 2018 – Short NZDUSD from 0.6780, 2nd target reached at 0.6650 = +130 pips profit (featured in full newsletter)
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December 21, 2018 – Long AUDNZD from 1.0500, stop triggered at 1.0425 = - 75 pips (featured in full newsletter) - Unfortunately, the stop was triggered during the flash crash in JPY and AUD pairs on January 3rd
Week January 02 – January 04
- Long USDJPY from 109.30, stop taken at 108.95 = -35 pips (featured in full newsletter)
TOTAL: +100 pips in the past 3 week
TOTAL: +768 pips profit since the beginning of October
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