Which way is EUR/JPY headed? (Put this on your watch-list)

(Tuesday October 1st) Hi Trader, check out my latest trade idea for the USD/CHF pair.

EUR/JPY | Direction: Short

I've drawn 3 different colored pitchforks on our weekly chart, and if you look at the purple arrow on the right, you'll see that price has reached 3 important median lines from these 3 pitchforks — and reacted higher.

Our second chart is a close up of that area, with colored arrows that show how well price has been trading within the confines of our various pitchforks.

Daily Timeframe:

The recent low occurred on the 3rd of September 2019. Price traded higher, then lower again and has found some temporary support at the 0.618% Fib retracement level. If price can now move higher again, then we might be in a final C-wave of a possible single zigzag.

4-Hour Timeframe:

Price will have to trade higher for this trade idea to work out, and there is always the chance that if it does move higher that a more complex correction can materialize. A potential price zone to short this pair lies between 121.00 – 121.60, but I'll have to keep an eye on how market structure develops if price goes higher and this price zone might have to change. Note: We can't know where to place our stop loss this far in advance, so I'm putting EUR/JPY on my watch-list for now.

UPDATE: GBP/CHF

The bounce higher that we were expecting is in progress. We will have to leave our stop loss at 1.2500, for now, to give price space to move around. If price manages to break the previous low, then we will start trailing our stop and issue an update.

UPDATE: AMD

We feel it's pretty safe to say that if AMD trades as high as our sell level, that price may continue even higher. We have, therefore, moved our stop loss to break even. We're in profit from here on out, but let's not pop the champagne just yet. I'll be back with more updates on Thursday.

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