After securing an impressive 200-pip profit last week, the EURJPY currency pair is now undergoing a southward correction, retracing some of its recent gains. Despite this temporary pullback, the Golden Cross remains intact, reinforcing our view that the overall trend continues to be bullish. This technical indicator, formed when the short-term moving average crosses above the long-term moving average, is a strong signal of sustained upside momentum.
At present, the pair has reached the 38.2% Fibonacci retracement level, a critical technical zone where price corrections often stabilize before resuming their primary trend. This suggests that EUR/JPY may soon find support and bounce back toward higher levels, offering an opportunity for a strategic long entry.
Given this setup, we are placing a buy order at 160.60, aiming to ride the expected continuation of the uptrend. To manage risk effectively, we have positioned our stop-loss (SL) at a 1.2% distance from our entry point, allowing for normal market fluctuations while protecting against excessive downside movement. On the profit-taking side, we anticipate price appreciation toward the 164.00 level, but we will secure gains just below this psychological resistance to maximize the probability of execution.
Profit & Loss
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