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EURJPY followed our trading plan! Whats next?

Monday, July 2, 2018 12:28 PM GMT

EURJPY has followed our trading plan to the point. The pair finally violated 128.5 to the upside, validated it as support and finally reached the declining trendline, which acted as resistance. Then the sellers stepped in and pushed the price lower, however, it’s still above 128.5. As long as it stays above, the bias is bullish. If buyers like to have another strong support for intraday trading, then they should keep an eye at 127.95.

Naturally, if the pair performs a valid breakout above 129.5 then bulls will target the round number of 130 or even higher. As before the bears may regain the control if the price goes below 200 SMA or 127.95.

Today’s agenda includes ISM Prices Paid (Jun) (Previous: 79.5, Forecast: 76.2), ISM Manufacturing PMI (Jun) (Previous: 58.7, Forecast: 58.1) and Construction Spending (MoM) (May) (Previous: 1.8%, Forecast: 0.5%).


(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 20EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.


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