$EURJPY Long Setup

by ashaab on 7:03 AM in EURJPY, Forex trade setups, Technical Analysis

The pair is building on to last week gains after upbeat Euro-zone economic data has boosted sentiment around the shared currency.

Stiff resistance is seen at 126 levels (channel top), breakout above could see further upside.

Momentum studies are highly bullish , RSI strength at 69 levels with room for further upside.

126.35-45 (late April 2016 highs) is next immediate hurdle ahead of 128.22 (Mar 31 2016 high).

Support levels - 125.08 (5-DMA), 123.92 (20-DMA), 122.55 (May 18 lows).

Resistance levels - 126.47 (April 27 high), 127, 128.22 (Mar 31, 2016 high).

Good to go long on break above 126 (channel top), SL: 125.10, TP: 126.50/ 127/ 128.20

About ashaab
Been trading the forex market since 2003. Learned a lot of different trading strategies and met some good traders willing to teach me. At the end i have choose ichimoku and Harmonic patterns as my main strategies beside using support and resistance. I will share in this blog about my trading activities and trade analysis. Hope who ever read my blog will find it useful..