Top trade idea for June 4th, 2015 – EURJPY

Top trade idea for June 4th, 2015 – EURJPY

By Mircea Vasiu on Jun 4, 2015 10:10:53 GMT

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This parabolic rise in the eurjpy cross is meeting some resistance at the upper side of the channel and normally from this moment on we should see a pullback.

Because the time frame is quite big, the eurjpy retraced more than 61.8% of the whole leg to the downside, we should see a b wave that goes into the green area marked on the chart above.

Like any b wave, it should be a corrective one, and I am favoring a complex correction rater than a simple one, but it also can be a zigzag on its own.

If that is going to be the case, then a move into 132 area is a must so euro will have to suffer or jpy will strengthen more than euro.

From a fundamental point of view Greece situation may be a trigger or NFP and Yellen later in the month can cause this move as well.

I am favoring the downside with 143.15 stop loss and 132.50 take profit for a nice rr ratio.

About Mircea Vasiu

Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.

Recent posts by Mircea Vasiu

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  • Top trade idea for November 17th, 2016 – EURAUD

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