Trade # 24: EUR/JPY Long

I am going long EUR/JPY @ 134.10 with a stop @ 129.80. My target is 141.50, or maybe higher, depending on the structure of the ensuing rally.

I think the stock market could bounce near term, which should support the EUR/JPY. It has had a major selloff since it peaked at 170, but thus far, it has occured in 3-waves. I will try to call a bottom around 134 as there is a confluence of strong support in this region:

  • 133.95: 78.6% fibo
  • 133.87: WaveC=WaveA
  • 133.80: trendline support

My stop will be below the Wave2 low around 130.

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