On February 17 a situation was deliberated where the EURJPY currency pair was in the early stage of a new downtrend with a short position triggered and reached its first target. It is important to emphasize the fact that after a possible set-up is identified, it is critical to work out exactly what the calculated risk will be and just as important to know where the possible targets will be. We have to accept the fact that we do not know what the market will do but we can identify and act on a set-up as defined by our strategy or method and know how to manage any resulting risk accordingly. The advantage of this can be clearly demonstrated in the EURJPY currency pair situation.
After the short position was triggered on February 10 and the first target reached on February 13, a news event caused a dramatic bullish reaction and buyers flooded the market. The market broke through the 15 and 34 Simple Moving Averages and the Momentum Oscillator broke through the zero baseline into positive terrain. In the process the resistance level at 121.152 was broken, the anticipated scenario was invalidated and the short position was liquidated to protect trading capital.
Important to note is the fact that when the first target that was reached and part of the open position closed, this has reduced the remaining open risk.
As long as sellers and buyers maintain an impartial sentiment with neither supply nor demand dominating, the outlook for the EURJPY currency pair on the Daily time-frame will remain neutral.

For more information, please visit: FXTM
Related Articles
- What Does Binance Being Kicked Out of Belgium Mean for Crypto Prices?
- Crypto Traders and Coin Prices Face New Challenge as Binance Gives up its FCA Licence
- Interpol Declares Investment Scams “Serious and Imminent Threat”
- Annual UK Fraud Audit Reveals Scam Hot-Spots
- Former Schwab, Wells Fargo, and Morgan Stanley Advisor is Sentenced to Seven Years
- FX Fraudster On The Run After £70m Ponzi Scheme Collapses
What Does Binance Being Kicked Out of Belgium Mean for Crypto Prices?
Crypto Traders and Coin Prices Face New Challenge as Binance Gives up its FCA Licence
Safest Forex Brokers 2023
Broker | Info | Best In | Customer Satisfaction Score | ||
---|---|---|---|---|---|
#1 |
![]() |
Global Forex & CFD Broker |
![]()
Best Trading Conditions
Visit broker
|
||
#2 |
![]() |
Global Forex Broker |
![]()
BEST SPREADS
Visit broker
|
||
#3 |
![]() |
Globally regulated broker |
![]()
BEST CUSTOMER SUPPORT
Visit broker
|
||
#4 |
![]() |
Global CFD Provider |
![]()
Best Trading App
Visit broker
|
||
#5 |
![]() |
Global Forex Broker |
![]()
Low minimum deposit
Visit broker
|
||
#6 |
![]() |
Global CFD & FX Broker |
![]()
ALL-INCLUSIVE TRADING PLATFORM
Visit broker
|
||
#7 |
![]() |
Global Forex Broker |
![]()
Low minimum deposit
Visit broker
|
||
#8 |
![]() |
CFD and Cryptocurrency Broker |
![]()
CFD and Cryptocurrency
Visit broker
|
||
|
Forex Fraud Certified Brokers
Stay up to date with the latest Forex scam alerts
Sign up to receive our up-to-date broker reviews, new fraud warnings and special offers direct to your inbox