As you can see EURJPY is in the correction after it broke the trendline with a strong impulse. After completion of that correction we will have a nice impulse to the up. Before i jump into buy, eventually we can see breaking the low (127.4700 area at a minimum). When this happen i will look for any buy setup and then take that buy. My target will be breaking the (130.1500 area), may we can see breaking -0.27 area (131.0959). This trade can be a really good one, +250 pips at a minimum..So don't miss this one!
So keep an eye on it & be patient & trade with care!
P.S. Let me know if you want to see update on that pair! ;)
Nice idea on EURJPY and there may be bullish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first support that we have identified is at 127.64 (61.8% Fibonacci extension , ascending channel support , horizontal swing low support), just above your 127.4700 low that you have highlighted. Stochastic is approaching its support at 3% where a corresponding bounce could occur. If a bounce does occur, we may look at the 128.41 resistance level (horizontal pullback resistance, 50% Fibonacci retracement). Please have a look at our idea and share with us what you think.
AntonioM
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@ICmarkets, thanks for sharing your view :) I don't look at any support and resistance. I agree with your analysis, but i i wont buy until i see breaking the low (127.47 area).