Top trade idea for June 4th, 2015 – EURJPY
By Mircea Vasiu on Jun 4, 2015 10:10:53 GMT
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.
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