Profit analysis EUR/JPY trades during correction

EURJPY trades 22 Feb

Trading analysis of recent EUR/JPY trades

💡 LUX trading analysis

Two similar EUR/JPY sell trades will be analyzed as one.
The opening was conditioned by the continuation of the correction within the uptrend. The top at 163.460 was identified and then followed by a sharp return to the zone below 163.000, suggesting that continued growth and even a retest of 163.460 would be unlikely. However, there was still the possibility of a narrowing horizontal correction forming, and in this case, in order to prevent losses, I set a stop loss at 163.329 and 163.343 🛡
Further decline was also confirmed by the MACD crossing the signal line on the 15-minute chart, as well as the RSI leaving the oversold zone.
Thus, after a short-term growth, I decided to enter the market and set take profit at the level of 162.759 and 162.726, since I considered EMA 100 penetration as unlikely.

✅ Closes by take profit
📈 Balance increase 1.82%
💰 Profit $401,876.75

Watch trades on MYFXBOOK

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