JPY losing steam, EUR getting stronger

28 Mar 2017

Hey traders, here is the setup I am watching this week. After watching the JPY surge, and now seeing the EUR start to gain some momentum, I decided to put these two currencies together to see what happens this week. As you can see, we have some divergence in the MACD, as well as a higher-high and higher-low, which is great confirmation that price may go higher, combined with the strong versus weak analysis. I'll be placing my stop at 119.5, and my take profit at 122.0, a nice key level that price has hit recently without any trouble. This trade gives me a nice 2.6 to 1 reward to risk ratio. As always, plan your trades and trade your plan!