Ready to Start Trading?

Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.

Apply online

Any Questions?
Contact us:

phone: +1 849 9370815

email: sales@tradersway.com

Join Us in Just 1 Minute!

Download MT4
MT5 Terminal

EURJPY Double Bottom Breakout (Oct 29, 2014)

The downtrend on EURJPY seems to be over, as price formed a double bottom pattern on its 1-hour time frame and broke past the neckline resistance around 137.00. 

The pair is climbing past the 138.00 handle and may have a couple hundred more pips to go.

As you can see, the chart pattern spans from the 134.00 area to 137.00, which suggests that the potential uptrend might last by as much as 300 pips. Stochastic is already in the overbought area though, which means that buying pressure is fading. At the same time, price is stalling around the 200 SMA resistance.

MACD is indicating that a bit of buying momentum is still present and that a few more gains might be possible. However, a selloff could take price back to the neckline, which is close to the 100 SMA support area. Bear in mind though that the short-term SMA is moving below the long-term SMA, which indicates a downtrend.

rsz_141029_eurjpy

There are no major event risks for this trade today, as there are no reports lined up from the euro zone and Japan. Risk sentiment might be crucial in determining whether the uptrend could carry on or not, particularly with the FOMC statement coming up.

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.pro
Quotations
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

Learn more

Join Us in Just 1 Minute!

Download MT4MT5 TerminalMetaTrader for Mac
TradersWay's Facebook TradersWay's Telegram Channel TradersWay's Twitter TradersWay's Instagram
bob@tradersway.pro