At the moment, it is pretty hard to trade the EURUSD and USDJPY as the price is now moving against the higher time frame trend which makes trend trading pretty hard.
If you take a look at the Daily chart and 15 minutes chart of the EURUSD below, you can see the contradicting trend on these 2 time frames
Therefore I will like to write this post to share with you my analysis on the EURUSD and USDJPY so that it can help you in your trading when the market opens on Monday
On Thursday and Friday, I had taken a total of 10 BUY trades
on the EURUSD and USDJPY and 9 of them turned out to be a win with 1
loss. If you are a user of my trade copier, you will see these trades on
your account as well.
The reason why I enter BUY trade for EURUSD and USDJPY on Thursday and Friday is because they are on a UP trend on the 15 minutes and broke a major resistance on the hourly chart.
If you ask me whether I will continue to enter BUY trade on Monday for these 2 pairs, I will say that you have to be more cautious as the price has hit another major resistance on the higher time frame.
If you take a look at the USDJPY Daily chart below, you can see that the price has hit a major resistance and is approaching the 200 EMA resistance soon.
As for the EURUSD, I will say that there is still some room for up move as the price is likely to move up to test the 400 EMA which is aligned with a major resistance which is shown on the YELLOW line. There is still room for another 30 pips.
Below is a picture of the EURUSD 4 hourly chart and you can see that the price is approaching the major resistance and 400 EMA.
For these 2 pairs, you can see that there are in a strong DOWN trend on the Daily and Weekly chart.
My Analysis on the EURUSD and USDJPY
If the price is being held by the major resistance, I will look for opportunity to SELL the EURUSD and USDJPY this week.
For the EURUSD, I will try to look for opportunity to go LONG until it hits the major resistance at 108.456.
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