Price Action – EURJPY Climbs Higher After Inside Bar Breakout Retest | Apr. 9th

In yesterdays FX market commentary, I suggested looking for longs at the key level of 128.36. Today the pair touched just 6 pips above this, then launched 160+ pips higher, taking a peak above the 130 big figure. You will see on the chart below how it offered a great breakout retest setup of the level after the inside bar consolidations highs so hopefully you got some pips on this.

You will notice that after the last two strong bearish bars, marked A and B on the chart, the pair formed a small inside bar and then found higher ground. If the selling evaporates after a large bear bar in a strong bull trend, this usually means its being bought on the cheap since the sellers could not produce any follow through.

The pair currently is consolidating just below 130, and may need to pull back to this level again before taking out the round number. I expect pullbacks towards 128.42 and 127.78 to find buyers looking to get short JPY, so consider these opportunities to get long. Only a daily close below 127.78 will daunt my strong bullish view. Upside targets still remain at 134.45 and possibly much higher if it can clear the air up there.

inside bar breakout retest setup eurjpy price action trading

Make sure to also check out ourĀ Free Forex Beginners Course here, and another article showing how a student of mine from theĀ Price Action Course grabbing +1640 pips in the last two days!

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Jewell

    Hey Chris I caught the you know what pullback above the pivot and got some nice pips out of it.. I just wish I held it longer.

    • Congrats Jewell – some nice trading indeed from another course member.

      Kind Regards,
      Chris Capre

  • Truckee Baxter

    Chris, I have a very important question about news, and data releases. I have been trading for 2 yrs. now and right away figured myself to be a technical trader. But over that time I have invested time in books I have read over hundreds of times and know by heart, but news still confuses me because sometimes the price actions from the news or data has a reversed reaction from what I have read. Now, I would love to have a few lessons from your private mentoring and continued feedback but i am afraid I may have a few too many preconceived veiws about the market as a whole. I have created trading plans from the books but i feel they are inadaquate or obsoulete. I have been re-inspired though to learn more from you especially. My intuition tells me you are someone I could trust to teach me how to really trade forex or futures.
    Thankyou, Truckee