EUR/JPY Technical Analysis
- EUR/JPY Rejection above W H5
- Daily is strongly bullish
- 139.20 needs to hold
- Ideally price should stay above W H5
- M H3 is next target if remains bullish
MEGATREND MAs: Bullish
H4 Chart EUR/JPY
- Bullish order block
- Swing low
- Bullish order block retest
- Retest of the W H5
- Final bullish target
The EUR/JPY has a strong uptrend on daily time frame. We can see that the price is creating an empty space between itself and the Megatrend moving averages. It means that there is a strong trend. We move down to the 4h timeframe to cherry pick an entry. Drilling down to the 4h time frame means that we want to see a rejection in the 4h zone since the daily trend is strongly bullish.
The entry came after the W H5 rejection. However as the entry has been made on a living candle (candle that hasn’t closed yet) it is important that W H5 is not taken out. In that case we should see a continuation up. If the candle breaks and closes below W H5 we might see a drop.
This analysis, and all entry signals and targets are a part of the Megatrend system and a trading course. I am maintaining 1 long trade on EUR/JPY with an entry right at the 4H bounce signal. signal. My Telegram group received a long EUR/JPY signal as a part of the trading method. Watching the daily time frame for this trade but it is also qualified as intraweek and potential swing trade.
Summary of August trading results is HERE(click to see)
Cheers and safe trading,
Nenad
