I am bearish on EURO and expecting some JPY strength in March due repatriation flows
I am looking to sell EURJPY about now 121. MM3 is close to that level. This would give a potential move to MM1 at 116.60 +440pips. Stop will be placed above MR1 @ approx 122.20.
We are currently at a line of previous support and a 50% retracement of previous swing down.
Coincidentally this trade would also fit in with a weekly swing strategy as I expect next weeks pivots to be in a similar place to this weeks unless we get dramatic movement in the next hour.

EURJPY

Source: 15min

EURJPY

Possible March movement

Source: 4HR

One thought on “Monthly Swing Trade Sell EURJPY”

  1. Maryna says:

    Hey Jim, I sold the pair to the 118.710 support zone the week before last (refer my post on this trade) and it literally shot up from that level and have been going up since, so I have been buying it again until Friday. Yes, we are waiting for repatriation flows but I also see a resistance higher up at 122.00 area on my Daily chart and a possible sell from there if the pair continue going up. I can see it’s at a resistance now, but need to see a sign of bears entering the market again. JPY not showing any signs of strength yet, so will have to wait and see. Thanks for the post!

    PS. Daniel and I have also commented on this pair last week in the comments box.

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