The EURJPY is trying to halt the slide from the April high, bouncing yesterday off the 38.2% Fib retrace of the March to April rally. Nevertheless, the EURJPY remains vulnerable as a volatility spike is likely to be seen by early next week with the triangle (on the 4hr and daily chart) near complete. Any break below the daily chart triangle support will dramatically increase the odds of a test of the psychologically key 130 whole figure level in the week after. Watch as usual for any signs of escalation or ceasefire in the Ukraine-Russia conflict. The weekly MACD is trying to negatively cross, weighing on the weekly RSI and Stochastics. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on EURUSD, VIX
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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