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EURJPY: Daily Close Below 127.90 to Expose 125.00

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Last week I mentioned a pending 300-pip opportunity on EURJPY.

The trend line support that extends from the August low at 124.90 appears to be the only thing propping up the risk-sensitive pair.

Given what I saw on other yen pairs including CADJPY at the time, a break lower seemed likely.

Today’s session has already pierced trend line support just above 127.90.

However, it may take a daily close below the level to confirm the breakdown.

By “daily close” I’m referring to the New York close at 5 pm EST. This is a special type of chart that is essential for trading price action.

Click here to get access to the same charts I use for trading price action.

In my opinion, a break lower is imminent. It’s no coincidence that EURJPY is testing a key support level on the same day as USDJPY.

The USDJPY is the benchmark for the yen and risk appetite in general, at least when it comes to currencies.

Either pair could offer a favorable opportunity over the next 24 to 48 hours.

Given that the U.S. dollar has been much weaker than the euro, the USDJPY may be the better option.

Of course, that can change in a hurry.

As for the EURJPY, a daily close below this trend line (second chart) could open up the 2018 range floor at 125.00.

EURJPY range support and resistance

Keep in mind that tomorrow we have a Fed rate decision at 2 pm EST followed by a presser 30 minutes later.

There is also a BoJ rate decision and presser during early Thursday trade. As usual, they haven’t given us a specific time.

These events are likely to cause an increase in volatility for the EURJPY.

Personally, I think both USDJPY and EURJPY have the potential to become excellent opportunities.

But as always, I’ll wait for the daily close at 5 pm EST before acting.

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EURJPY trend line support

Leave a Comment:

11 comments
Nasir Muhammed says

You are simply a good mentor, just can’t wait to save enough money and be part of your live membership.

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    Justin Bennett says

    Cheers. I look forward to seeing you in the member’s area.

    Reply
Pavan says

I think we should wait till candle close. Cheers

Reply
    Justin Bennett says

    That’s what I wrote above.

    Reply
John says

Great analysis for have followed you for a month now, analysis top notch.hope to join lifetime membership soon

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    prasanna says

    hi bro ; happy2know ur results ; i hv also started testing recently

    Reply
fawaz bamakrait says

good morning justin, amazing job my friend

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prasanna says

waiting for EURJPY candle close below 127.90 to pocket 300 pips.Thnx bro.

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prasanna says

just testing your levels currently bro. if im happy , will join subscription in future.

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PIERRE MIFSUD says

From the daily, it appears to be a symmetrical wedge which started forming on the 24 th October ….. should it materialize its way down, should reach even the 124.15 handle

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Devon says

Hi justin . So after the break how would one enter the trade ?? Just sell or wait for a certain candlesticks . Thanks. Your lessons a the best

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