After taking a short break for the Christmas, two of the JPY crosses have given signals to resume their uptrends - EURO JPY and USD JPY. The USD JPY had already given a signal on the Daily Chart with a break of resistance of the Pennant at 103,35, corresponding to Support connected by 101.61 and 102.49. This has been followed by a bullish break of a 4H range to indicate the continuation of the uptrend. The next major target to be hit should be the 110.65 Resistance formed in 2008 August. Entry took place on the 4H Chart at that bullish signal, with the Stop Loss placed below the Support of the range.
Trade & Entry Setup
Entry -104,85
Stop Loss - 103,70
Limit - 106.85
For its part, the EURO JPY has now broken the Pennant on the Daily Chart today. This Pennant was formed with Resistance at 142.28 with Support at 140.90 and 140.97. If we see a bullish signal on the 4H Chart in the next 12-24 hours, we can confidently enter this trade to go long for a few hundred pips. Probable Setup
Entry -- 143,80
Stop Loss - 142.20
Limit --145.80
Trade & Entry Setup
Entry -104,85
Stop Loss - 103,70
Limit - 106.85
For its part, the EURO JPY has now broken the Pennant on the Daily Chart today. This Pennant was formed with Resistance at 142.28 with Support at 140.90 and 140.97. If we see a bullish signal on the 4H Chart in the next 12-24 hours, we can confidently enter this trade to go long for a few hundred pips. Probable Setup
Entry -- 143,80
Stop Loss - 142.20
Limit --145.80
