Daily Price Action
Shares

EURJPY: Further Weakness Likely While Below 118.00

Shares

I’ve spoken about a bearish EURJPY scenario since April 3rd.

I also wrote about how the bearish scenario was intact while EURJPY was below 118.50 on April 8th.

That 118.50 area is the bottom of an ascending channel from the year-to-date low.

I’ve been short the EURJPY since the March 27th open.

I mentioned this short to Daily Price Action members over a week ago.

But if you missed the short from higher prices, there’s little reason to think you missed out altogether.

I still think EURJPY has the potential to reach the 112.00 area.

The intermediate downtrend combined with the recent breakdown of a multi-year trend line point to lower prices.

EURJPY monthly chart

However, as I wrote last week, it’s going to take a daily close below the 116.00 region to open the door to 112.00.

As long as the EURJPY is trading above 116.00 on a daily closing basis, those initiating new shorts have to be careful.

I think at this point, it’s best to wait for a confirmed break below 116.00 before shorting the EURJPY.

That’s where I will be adding to my short for the third time since March 27th.

Alternatively, keep an eye on 118.00 as that area should attract sellers going forward.

Want to watch the EURJPY video I just released in the member’s area?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in April!

EURJPY key levels on the daily time frame

Leave a Comment:

13 comments
Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 3,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in April!

Reply
Colin de Ste Croix says

Im short this pair, now I wait!!! 112 TP.

Reply
Darlington says

You have a simple but very effective method that penetrate the market.

Reply
Umar Musa says

I really appreciate your analysis, thanks for the good work.

Reply
Emmanuel says

Thanks for the update and analysis

Reply
Nadzuah says

I w8 the bearish signal from 118 to take to 112

Reply
Nadzuah says

I like you analysis sir Justin specially a daily price action it’s very helpful

Reply
Felix says

Thanks Justin. God bless you

Reply
ali says

Thanks for the update sir justin.

Reply
jabbar abbasi says

its looks like that you are operating the market very nice analysis

Reply
Praise says

Thanks for the update sir.

Reply
Adewole Bamidele says

Thank you Justin for Daily Price Action. Its a really helpful way to trade the forex market. Much love from Nigeria

Reply
Umar Musa says

May simple analysis on EURUSD showed two complicating scenario, Bullish and Bearish at the same time.What’s your opinion on this?,sir.

Reply
Add Your Reply