EURJPY: Retraced a little, but still in a bullish market condition
Even though the EURJPY retraced from 132.59 to 131.82, it is still in a bullish market condition. It broke an important short term resistance level during the European session, so I’ll be looking for a long trade opportunity:
Here is my trading plan:
As long as the EURJPY trades above 131.90 I will be looking for long trade opportunities. My next LT resistance level is at 135.20 (we could see some resistance around 134.30 though).
If the market breaks the 131.90 down, I will be in the sidelines.