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EURJPY Weak Close Suggests More Losses Next Week

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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.

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EURJPY daily range

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10 comments
Justin Bennett says

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memberFOREX says

Nice Suggest

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Adebayo saheed says

Waiting patiently for the break out….thank justin

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Nara Wijaya says

Already got 70 pips from Engulfing candle @monday open. Great view Justin!

Reply
    Simi says

    how you got 70 pips monday opening?

    Reply
      Nara Wijaya says

      Actually getting my entry on sell off @lower high

      Reply
        Simi says

        that means you taken entry again & again from lower high..right?

        Reply
Muhammad Hamza says

we have to wait bearish pin bar at 120.90?

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Samuel says

Thanks for the updates please.

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John Paul says

EURJPY has now crashed towards 118.00

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