top of page
Search

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

Writer's picture: KeonConsultancy.comKeonConsultancy.com

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

תגובה אחת


KeonConsultancy.com
KeonConsultancy.com
15 ביולי 2020

Trade closed : Target reached

לייק
  • Facebook Social Icon
  • Youtube

© 2010-25 by KeonConsultancy.com

 

 

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

 

Past performance is no guarantee of future results. Your capital is at risk in Forex & CFD trading.

bottom of page