I’d been looking to short GJ for quite some time as it initial had some nice PA which was similar to EJ. Whilst EJ did fall as planned and I netted a nice profit, GJ didn’t give any further short signals. Now it has rallied strong and there could be either long or shorting opportunities. I’ll go into this bit deeper below where I’ll also share the other pairs to watch this week.
EURJPY – Long
EJ has continued to rally since hitting the daily demand mentioned last week. There is plenty of room to the upside so if the lower time frames show us a signal then I’ll be in for a long.
EURUSD – Long
EU continued the rally from the demand level mentioned last week and it came very close to a daily supply level without hitting it before falling. As it did not actually hit the supply level price could still rally so with lower time frame confirmation we could still have a long.
GBPJPY – Long/Short
Once the demand area in blue was engulfed I began looking for shorts. This was largely due to the fact that there was lots of profit potential below the level, as indicated by nothing but green candles and no demand for hundreds of pips. Price did turn lower and I made a decent profit but not as much I thought would be available from the move.
GJ reversed last week but the low is not at a significant level so we could still see price fall down past it. Price has also just broken above supply so we could see longs up to the next supply higher up. I’m keeping my options open on this one.
NZDUSD – Short
NU has hit supply and it arrived with pure green candles so price could have an easy time falling through, if the level decides to hold. There’s a decent amount of room for price to fall to the next demand so I’ll be watching this one closely.
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