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EURJPY Update And Trade Opportunities H4 Chart

EURJPY Update And Trade Opportunities H4 Chart

Our latest setup for EURJPY was a bullish setup on the Daily Chart based on Bullish HArmonic Max Gartley Pattern. – See Below Daily Chart-

EURJPY Bullish Gartley
The pattern is working as predicted.
It is time to update as the pair is entering the selling zone.

Intermediate-Term trend is still bearish and it will remain bearish until it makes firm closings above 124.500. Our long term target is 119.000.

As seen on the H4 Chart, we have two main reversal patterns.

First One and Its Setup Details:

Pattern /Reason: Bearish White Swan Pattern
Time Frame: H4
Accuracy ( How much it’s meeting the requirements of the said pattern): 74%
Recommended Lot: 0.05 at 10K
Active/Pending: Executed
Trade: Short
Entry:123.100 – 123.190
Stop Loss: 123.500
TP1: 122.700 / Reached
TP2: 122.300 / Revised 122.540 See Below Chart
TP3: 121.900
Divergence/ Convergence Confirmation: Not Yet
Candle Pattern Confirmation: Not Yet
Moving Average Confirmation: SMA 200 H4 Resistance at 123.040
Murrey Math: 123.040 7/8 Weak Stall Reverse

Update: TP1 Reached. You can take partial profit. Price is testing the channel. Breakout would send the pair 122.540 support. We will add short if it makes H4 Closing below 122.540

 

The Second Setup:

Pattern /Reason: Bearish Bat Pattern
Time Frame: H4
Accuracy ( How much it’s meeting the requirements of the said pattern): 95 %
Recommended Lot: 0.10 at 10K
Active/Pending: Pending / Canceled
Trade: Short
Entry: 123.350 – 123.450
Stop Loss: Above X 123.850
TP1: 122.700
TP2: 122.300
TP3:121.900
Divergence/ Convergence Confirmation: Not Yet
Candle Pattern Confirmation: Not Yet
Moving Average Confirmation: EMA 50 DAILY Resistance at 123.450
Murrey Math: 123.430 8/8 Ultimate Resistance Extremely Overbought
Note: If the Pattern doesn’t work as predicted, the second entry is 124.120 where alt bat pattern would be completed ( 1.13 Fibo Extension )

Traders who like to trade this setup may ask for the candle/divergence confirmation if the price reaches the area of the entry.

VERIFIED ACCOUNT AND SETUP RESULTS

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

EURJPY: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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