EURJPY Analysis for 10.23.2015

EURJPY Update

The 133.42 – 134.05 target hit in EURJPY. I pointed out in my October 15th analysis how EURJPY failed to challenge the channel top and fell down from it. My view at the time was that it was too late to short the pair as it was trading near support levels. Therefore, I suggested that we should sell the rallies.  I wrote at the time: looks like there could be some short opportunities should the market rally first. Now that the market has dropped down to 137.35 support it is too late to be an aggressive seller but the sell opportunities could be found at or near 136.33 resistance (if momentum reversal signals confirm the idea) while the support range at 133.42 – 134.05 is likely to be an area to attract buyers and would therefore make sense as a target level for short trades.

Market rallied from the support, hit the 136.33 resistance and fell down to the target range suggested in the report. Currently the pair is trading inside my target range and is about to create a bullish pin bar in 4h chart. This suggests to me that it is time to close the short trade and bank the profits. The trade brought over 230 pips profit to our traders.

  • Join me next Tuesday at 12:30 GMT (follow the link below) to a Live Analysis Webinar and I will teach you how to study the price charts and help you to find trades like this. The webinar is free so you can bring your friends too!

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our TopForex Brokers official website:http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.