This week we are looking at some trading opportunities revolving the EUR/JPY Daily chart based on price pattern spotted thru the geometric trading method. As seen in the chart below, this type of formation most often signals market 'Bearishness' upon completion of it.

Good day Traders, this week we are looking at some trading opportunities revolving the EUR/JPY Daily chart based on price pattern spotted thru the geometric trading method. As seen in the chart below, this type of formation most often signals market ‘Bearishness’ upon completion of it either one of the D points (D1 or D2). Price closed at 135.818 as of Friday.

EURJPY

 

Opportunities lies within the C to D leg signaling a probable downtrend but it would be wiser to wait for more selling power once prices goes below the range of 135.635 – 134.945 as an ideal entry point. The first round of TP could be aimed at anywhere between 133.60 to 133.10 ( possible 70 to 130 pips). Once the ‘Bears’ dominates it could pose another round of selling and seeing to prices aiming at the 131.90 to 129.90 area (possible 80 to 120 pips).

Happy Pipping !

Thank you.

Kenny Simon has been trading forex since 2006 and is now in cooperation with ORBEX. He is a trainer, trader, and coach that specialized in analyzing the market using the Geometric Trading method.