EURJPY – Buy Trade inside Corrective Structure in Heavy Profit (1hr chart)
Yesterday the EURJPY broke out of the key range resistance at 137 closing north of 138 and at the highs of the day. The pair formed a tight corrective structure there intimating the next leg was up.
I bought inside that corrective structure with only a 45 pip stop with the live price action trade currently up about +178 pips as of this writing, or a ~+4R.
I have locked in profit around 139.80 so about 135 pips of profit sealed. The current tight corrective structure also is suggesting another leg up for the pair.
My final target is 140.90 just below the Sept. 2014 highs, however …... Keep reading