EURJPY Weak Close Suggests More Losses Next Week

by Justin Bennett  · 

July 19, 2019

by Justin Bennett  · 

July 19, 2019

by Justin Bennett  · 

July 19, 2019

Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

Last week I talked about a potential breakout opportunity on EURJPY.

The pair has now spent more than two months consolidating within this 240 pip range between 120.90 and 123.30.

When I wrote about this last week I was favoring a downside break.

Here’s what I wrote:

In the case of EURJPY, I like the idea of shorting the pair following a daily close below range support at 120.90.

The reason for this is two-fold.

On the one hand, the EURJPY has been trending lower since February of last year. As such, I favor selling the pair until the trend changes.

And on the other, EURJPY appears to have failed to rally off of last week’s low. You can even see how Friday’s candle has engulfed the previous day’s range.

Although we aren’t there yet, you can see how EURJPY is closing the week right at range support at 120.90.

All in all, the pair looks primed for a move lower next week.

However, I have to stress the importance of waiting for the break to occur.

As long as EURJPY is hovering around this 120.90 level, the pair is going to continue to attract buyers.

A close below range support next week would expose the 119 region. Keep in mind that area could be as low as 118.30.

[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]

Want to see how we’re trading EURJPY? 

Click Here to join us and save 40% – Ends July 31st!


EURJPY daily range

Continue Learning


Leave a Reply

Your email address will not be published. Required fields are marked *

  1. Now you can get access to the same professional Forex charts I use!

    Get access today:

    These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.

    Download the platform here:

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}