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Analysis of EUR/USD, USD/JPY and EUR/JPY to determine buy trade in EUR/JPY | Forex Fund Manager

EUR showed significant strength yesterday, here is what all we observed on major pair, EUR/USD:

  • Almost all major currencies, such as GBP, AUD, NZD, CAD and CHF, fell against USD yesterday but EUR rose

  • EUR/USD has already been trading above MACD predictor

  • It has been trading in an up trending channel

  • It looks like butterfly is in formation.

EUR/USD chart:

Butterfly pattern and up-trending channel on Daily time-frame of EUR/USD
click to zoom

Along with EUR/USD, USD/JPY showed a significant bullish move yesterday as it made an engulfing candle pattern on Daily/D1 time-frame:

Engulfing candle on Daily time-frame of USD/JPY
click to zoom

Since both EUR/USD and USD/JPY were bullish yesterday, we tried to find out an opportunity to buy EUR/JPY today and here is what all bullish factors we observed on Daily/D1 time-frame of EUR/JPY:

Morning doji star candle pattern on EUR/JPY
EUR/JPY, Daily; Chart 1

We see Bread & Butter chart pattern here. Following bullish thrust, market usually moves in direction of the thrust to 61.8% of the fall. This is called a Bread & Butter Buy Trade.

Bread and Butter pattern on EUR/JPY
EUR/JPY, Daily; Chart 2

The screenshot of H1 time-frame of EUR/JPY below describes how exactly and when we entered buy in EUR/JPY.

V-shaped recovery pattern on EUR/JPY
click to zoom

Note that we have moved Stop Loss (SL) to Break Even (BE) point.

1 comment

1 коментар
15.07.2020 г.

Trade closed : Target reached

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