We saw another rally of EURJPY pair yesterday.
For Day Traders, your 1st target () and 2nd target were both reached.
For Swing Traders, your 1st target has been almost reached.
Now, we have to stop and think about it for a while, as the price is reaching to the resistance level.
Please look at H4 chart below. The price went up nicely from Fib50% (137.00) up to 139.80, which is the previous high.
If you are Swing trading, you now have a choice, to a) close the deal or b) move SL to Even and let it go aiming for 140.00
I am expecting some pullback from here. (See Hourly chart below) Perhaps down to 38.2%-61.8% level.
So here is the list of possible traders.
<For Day Traders>
a) Sell from the current level IF YOU SEE REVERSAL PRICE ACTION on M15 chart. Target should be either DPP (138.40 level) or 138.00ish.
(Scenario 1 & 2)
b) IF YOU SEE THE PRICE BREAKS THE RESISTANCE, then BUY after the pullback.
<For Swing Traders>
a) If you are already in this trade, either close the trade now, or move SL to even (or a certain level so that you can secure some pips)
b) If you want to make the new trade, perhaps wait until the price comes down to Fib38.2-61.8% level, and BUY!
Hope the idea above helps you setup your own trade plans.
YJ baik – Forex.Today @ Tokyo