Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Bias is more bullish on EURJPY now as it bounced off the former resistant level at 111.00 and there are two more confirmations for my long setup here.
As you can see in the figure above there is a channel that connects 110.47 and current price as swing lows and 111.18 plus 112.18 as former swing highs.
Also there is a bullish gartley formation on four hour chart:
If you see figure above I’ve drawn another trendline that is parallel with the upper bond trendline of the channel but it’s exactly starts with 109.55 as a swing low. My stop loss would be some pips below this new trendline which shows around 110.40.
Also if you look at the four hour chart it seems that 40sma is holding the price and I expect to hold it now and send it higher.
So wait for a bullish H4 candle to close above the trendline and if you are not comfortable with wide stops then you should set your stop somewhere below the trendline which is 110.90.
First profit target would be 111.90 and after breaking this resistant look for 112.25
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