EURJPY False Breakout Reversal To Test August Monthly Highs

27 août 2023

EURJPY has recently failed to break a 2-week range that started around August 10th.

Sellers have struggled to continue to push price lower resulting in a reversal R bottom pattern.

I will look for longs to retest monthly highs at 159.500.

Alternatively, my bias will be bearish if bears step back in this week and push price back below 156.80 lows.

29 août 2023

Transaction en cours

My trailing-stop loss for this trade is now brought to +5 pips above break even at 158.384 as of 08/29/2023, GMT +8.

So far price has broken yesterday's highs on the intraday timeframes and continue to push northbound, but if the lows of yesterday are revisited then we may have a conflict in this current bull rally and I will get out as soon as I see conflict instead of waiting for my hard stop to be hit.

We have new data and a stop must be dynamic with real-time price action.

Targets remain the same and trade is still open and active currently up +1R.

29 août 2023

Trade fermée manuellement

Conditions have changed as the European markets opened and the day after a major GBP bank holiday. I managed to collect +0.25R on this trade but am now in cash with no active positions.

Trade had potential but underlying market conditions are currently conflicting with the previous trigger.

Trading is a dynamic process and the markets are unpredictable so defense and tight stops are essential in the long term success of a trader.

I am currently neutral on this pair and price is stuck within a tight range between 158.00 & 158.70.
A break of either side followed by a quality setup will draw my interest back into this pair.