Trade idea background
Yesterday saw weakness in EURJPY and we think this presents a buying opportunity with overnight price action holding yesterday's low at 133.09. The overall trend is higher and we saw a breakout last week, when this printed its highest price since 2009. There's no doubt its worth being long, but the biggest problem is getting a trade on in the first place (without getting stopped!) in such a high beta pair.
Trade management and risk description
We have a 60-tick stop initially. Once this trades through short-term resistance at 134.00, move the stop to entry to protect capital.
Trade idea parameters
Entry: Buy at market (currently 133.58).
Stop: Below 133.09
Target: 134.90 on half, 138.95 on the balance.
Time horizon: The first target is achievable by the end of the week but the second target could take a bit longer.
Daily candlestick
