EUR/JPY
EUR/JPY Trade Plan (30th Oct 2024)
📉 Current Market Overview:
EUR/JPY remains in an uptrend as investors capitalize on higher Eurozone interest rates compared to Japan's, which keeps the yen weaker. With the pair approaching a key resistance level, here’s a detailed trade plan to consider.
Trade Setup:
1. Entry Point:
- Enter a Buy (Long) Position** at 165.50
- Alternatively, if there's a pullback, consider entering near the support at 165.00.
2. Stop-Loss:
- Place a Stop-Loss at 164.50 to protect against a potential downside move, just below recent support levels.
3. Target (Take-Profit):
- Set your **Take-Profit target at 170.00, aligning with the next resistance level and current uptrend momentum.
Rationale:
- Trend: The EUR/JPY has strong bullish momentum, with price trading above key EMAs (10, 50, and 200-day), indicating continued upward potential.
- Indicators: RSI suggests overbought conditions, but the overall trend remains intact.
💬 Summary:
This trade plan capitalizes on EUR/JPY's bullish trend while managing downside risk. A break above resistance could bring significant gains. Use caution and adjust according to market movements.
*Disclaimer*: This plan is for educational purposes. Consult with financial experts before trading.
📉 Current Market Overview:
EUR/JPY remains in an uptrend as investors capitalize on higher Eurozone interest rates compared to Japan's, which keeps the yen weaker. With the pair approaching a key resistance level, here’s a detailed trade plan to consider.
Trade Setup:
1. Entry Point:
- Enter a Buy (Long) Position** at 165.50
- Alternatively, if there's a pullback, consider entering near the support at 165.00.
2. Stop-Loss:
- Place a Stop-Loss at 164.50 to protect against a potential downside move, just below recent support levels.
3. Target (Take-Profit):
- Set your **Take-Profit target at 170.00, aligning with the next resistance level and current uptrend momentum.
Rationale:
- Trend: The EUR/JPY has strong bullish momentum, with price trading above key EMAs (10, 50, and 200-day), indicating continued upward potential.
- Indicators: RSI suggests overbought conditions, but the overall trend remains intact.
💬 Summary:
This trade plan capitalizes on EUR/JPY's bullish trend while managing downside risk. A break above resistance could bring significant gains. Use caution and adjust according to market movements.
*Disclaimer*: This plan is for educational purposes. Consult with financial experts before trading.
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