BabyPips.com FX-Men Team
BabyPips.com
EUR/JPY: 1-hour
First one up for today is a simple Fib play on EUR/JPY. After hitting bottom at the 127.00 area, the pair has jumped and is now testing a 61.8% Fib retracement level. What makes this setup interesting is that the area also lines up nicely with the 128.50 minor psychological handle 100 SMA on the 1-hour chart. The cherry on top of the setup sundae is an overbought signal from Stochastic. Think we’ll see more losses for the euro? Whatever strategy you choose in trading this setup, just remember that crosses like EUR/JPY tend to be more volatile than the usual suspects. Gotta make ’em stop losses wide if you’re trading this one!
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