Today I wanted to look at the EURJPY cross as we might have a very interesting opportunity for trading.
The pair has been declining from the highs reached in October but as we can see from the above chart, prices have rebounded at around 123. This was also highlighted by the Range Indicator which gave us a new support level, together with several bullish chart formation patterns on the ‘Sniper Pattern’ tool (such as MorningStar and Engulfing) that indicate a change in trend.
Following a couple of weeks of lateral trading on a new support level as indicated by the Range Indicator, I think it is now very tempting to go Long.
Furthermore, MACD is very close to crossover which indicates a further bullish sign. The 20 day moving averageis also acting as a support whilst the 50 is close to being crossed over.
What is more interesting is that as we can see from the Sentiment Index, 67% of traders are short and only 33% are long… As we know, the majority of traders lose money and with these statistics, together with an in-depth technical analysis gives us re-assures of a better probability for success!
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