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The EURJPY is in the process of testing the 131.35 handle. We looked at this level on Sunday before the market opened and while the pair was still trading at 130.18.
Monday’s candle that engulfed the previous two days was a signal that the 131.35 area was likely to come under fire as new resistance. Even yesterday’s close at session highs was an indication that buyers wanted to push prices higher.
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Despite the intraday surge to 132.00, today’s price action is ideal for the price action trader. After all, if you want to know whether or not a level will hold as new resistance, what better way than to see price trading 65 pips above it on an intraday basis?
Now, if you’re an end of day trader like me, you know the importance of waiting for today’s close at 5 pm EST. Remember, a New York close chart gives you the best chance of succeeding when trading price action.
If the EURJPY closes today below 131.35, I will consider opening a small short position. Key support below 131.35 comes in at 128.30 with a minor area at last week’s low of 129.35.
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Alternatively, if the EURJPY closes the day above 131.35, I will stand aside and wait for bearish price action at higher levels. Those levels include 133.00 as well as 134.30.
Keep in mind that we have the BOJ rate decision and statement early in Friday’s session. Then at 8:30 am EST we have non-farm payrolls, which will no doubt trigger some additional volatility.
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Leave a Comment:
15 comments
Even gj 147.90 was also got tested today…
Correct, as well as 83.30 on the AUDJPY. I mentioned that on Sunday as well.
I’m confused. EURJPY is even close to 147.90 …
Maddy referred to GBPJPY testing 147.90, not EURJPY.
Justin, did you mean the 2nd higher level to be 134.30 instead of 124.3 near the end of this post?
Sure did. Good catch.
Me too I will hold on
I thought its already a sell on current retest because this level holded for few days already and we are touching ema 20. Sell high. if it closes below 131.35 – price will be lower – not sell as high as it could be. But ok, lets wait for the end of day.
Hi, I am still holding on sell below 131.35, and see how the close is going to at the end of the New York close today.
sure to hold… thank you sir
Hi there what can i do if i want to start to trade
Hi, David have gone through Justin trading course, if so please adhere to his instructions, and if you have not traded before,just start with demo account first and see how the performance would be before trading on real life account. Again you have to download a trading platform first if you have not done that. and start from there.
Justin all the pair such as gbpusd,eurusd,eurjpy and gbpjpy closed above key level, will see what is going to happen.
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