EUR/JPY Technical Analysis

• EUR/JPY Rejection above W H5
• Daily is strongly bullish
• 139.20 needs to hold
• Ideally price should stay above W H5
• M H3 is next target if remains bullish

MEGATREND MAs: Bullish

H4 Chart EUR/JPY

1. Bullish order block
2. Swing low
3. Bullish order block retest
4. Retest of the W H5
5. Final bullish target

The EUR/JPY has a strong uptrend on daily time frame. We can see that the price is creating an empty space between itself and the Megatrend moving averages. It means that there is a strong trend. We move down to the 4h timeframe to cherry pick an entry. Drilling down to the 4h time frame means that we want to see a rejection in the 4h zone since the daily trend is strongly bullish.

The entry came after the W H5 rejection. However as the entry has been made on a living candle (candle that hasn’t closed yet) it is important that W H5 is not taken out. In that case we should see a continuation up. If the candle breaks and closes below W H5 we might see a drop.

This analysis, and all entry signals and targets are a part of the Megatrend system and a trading course. I am maintaining 1 long trade on EUR/JPY with an entry right at the 4H bounce signal.

Cheers and safe trading,

Nenad