Bullish Opportunity in EUR/JPY After Break of Structure
Market Overview:
In the 15-minute timeframe, the EUR/JPY pair has shown a Break of Structure (BOS) to the upside, indicating a potential bullish momentum. The price has created a new high and is now retracing to the M15 demand zone. This zone also aligns with an Order Block (OB), reinforcing its strength as a potential entry point.
Entry: Monitor the M15 demand zone for bullish confirmation before entering.
Stop-Loss (SL): Place below the M15 demand zone to protect against a false breakout.
Take-Profit (TP): Target the next significant resistance level for a favorable risk-to-reward ratio.
Recommendation:
This setup offers a good risk-to-reward ratio. Traders should watch for bullish price action in the M15 demand zone for entry confirmation. Proper risk management is essential, and adjusting the stop-loss to break even once the trade is in profit is advised.
Happy trading!
In the 15-minute timeframe, the EUR/JPY pair has shown a Break of Structure (BOS) to the upside, indicating a potential bullish momentum. The price has created a new high and is now retracing to the M15 demand zone. This zone also aligns with an Order Block (OB), reinforcing its strength as a potential entry point.
Entry: Monitor the M15 demand zone for bullish confirmation before entering.
Stop-Loss (SL): Place below the M15 demand zone to protect against a false breakout.
Take-Profit (TP): Target the next significant resistance level for a favorable risk-to-reward ratio.
Recommendation:
This setup offers a good risk-to-reward ratio. Traders should watch for bullish price action in the M15 demand zone for entry confirmation. Proper risk management is essential, and adjusting the stop-loss to break even once the trade is in profit is advised.
Happy trading!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.