FX.co ★ Azizbabber | EUR/JPY

EUR/JPY Price Trend Continuation I tried to monitor the market using a 4-hour time frame, but it was still apparent until the close of trading this morning that the trend situation in the EURJPY market this week tended to move towards the Downtrend side. There was a drastic bearishness at the beginning of the week until it fell in the 159.86 area. Although there was an upward correction in weekend trading, the increase did not fly high and even failed to touch the 100-period simple moving average zone. So for next week's trading plan, I might want to choose a Sell position rather than Buy with a target price decrease that might fall from the current position. If the price is confirmed to be able to stay below the 162.55 area, the bearish trend might last longer or even until the end of the month. Now the price in the market is still stopped at 161.19. Based on the situation of the price movement in the market over the past week, it has now formed a bearish candlestick pattern. At the beginning of the week, the candlestick seems to have fallen further and further from the simple moving average line zone of period 100. For the next price journey, it is still possible that the seller wants to control it, thus creating an opportunity for the candlestick to continue moving towards the lower area, further away from the closing position this week.

I see based on the condition of the big trend which is also going down, the potential to continue the Downtrend will be greater. In addition, the position of the candlestick that has fallen leaving the market opening position at the beginning of the month, means that there may be a chance of another decline next week. So in general, the trading plan for the EURJPY market is better to wait until the price is brought down by the seller, so we can determine the time to open a Sell position when there is a good moment to enter the market. I am optimistic that the next price trend will still go down to test around the 160.36 area. Position opening strategy: In my opinion, there is still a signal that the seller wants to lower the price of EURJPY to a lower position because, in the previous week, the price was also moving towards a bearish trend. Therefore, for trading next week, I also suggest focusing on the downward price trend that has dominated the market for the past few days. The upward correction journey may only be able to approach the 100-period simple moving average zone, after which there is an opportunity to continue the Downtrend. For the next trading plan, I only concentrate on the market trend that seems to have a bearish opportunity. If the price falls again past the 160.76 zone, then I decide to open a Buy position. What I noticed is that the target of the next Uptrend journey might be to reach the price area of 159.92. The ideal Stop loss is in the 161.18 area.