EURJPY Trading Setup

Dear traders,

I will keep this post short. The trade from last time started to already generate some profits. It took longer than expected, but finally price found some support and drove more buyers to it. I am keeping an open eye for the next price target.

EURJPY Trading Setup

Today’s trading idea is coming from EURJPY. I have been waiting for a price action setup, which has finally come. As discussed with one of my followers (Dan) in the comments section, I finally had a confirmation from price. If you look at the daily chart of the EURJPY, you will find out that there is a pin bar, which is forming on the support level of 118.00. It seems to me, the time is ripe for a long entry now. I will be looking to place my stop-loss just below 117.00. My first price target is the level of 119.500. My next target (depending on price action) is the level of 123.000. One last thing-since a lot of people are asking me if I provide trading signals-I do not! I hope you understand that these are my thoughts only and under no circumstances a recommendation to buy or sell. They are done for educational purposes only.

Happy Trading,

Colibri Trader

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