A longer term 160 pips trade on EURJPY(15/08/2014)

With today being a major holiday in most European countries we don't look for any short term trades and focus on a longer term trade on EURJPY.

EURJPY (Daily) SELLEURJPY 201408.15

The Trend/Wave/Extreme mini indicator is showing us

  • The Trend Bar is Red filled pointing Down Trend
  • Wave and Extreme Bars are Up Overbought pointing an up correction that may be ending
  • A very solid down trend line.
  • The correction so far has been 160 pips which makes this sell highly lucrative

Note*: Keep an eye at the 137.50 level as a potential breakout and reversal to the upside may occure there

 If you are planning on selling this pair wait for two consecutive down candles.

Read about the Trend/Wave/Extreme system here

The following is an analysis of the currency markets using the Trend/Wave/Extreme system . You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.