Trade of the Day: EURJPY To Test Symmetry Support

Trade of the Day: EURJPY To Test Symmetry Support

Trade of the Day EURJPY: EUR Euro area’s upbeat industrial production figures and Germany’s optimistic GDP data supported gains in the EUR, this week, the Euro area’s inflation data, along with the ECB policy meeting, will likely be key. JPY Japan kicked the week with November key machinery orders and PPI data earlier today which came in inline with expectations. From here, the calendar is pretty quiet with final November production data on Wednesday the focus.

Technical: Close below 121.60 concerns bullish bias, expect test of symmetry swing support at 120.40 bulls will look to defend this level to set sights on, 124.42 symmetry swing resistance. A failure below 120.40 opens 118.70

Trade Idea: I am monitoring price action in EURJPY as price tests symmetry swing support sited at 120.40 just ahead of the upside break level at 120.15 as highlighted in the chart below. I will be watching for bids to emerge at this level, I will position on the long side with a key reversal pattern printing in this zone looking for a retest of cycle highs at 124 ahead of pivotal 124.42 weekly symmetry swing resistance.

Posted in Forex Analysis, Trade of the Day, tagged with on