Hey guys, I hope you have profited from this EUR/JPY trade yesterday too. If you didn’t read my post on my forex trade which I have done yesterday, then you can refer to it HERE . It was quite an easy trade as this pair was very trendy the whole day due to the positive reactions of the stimulus plan. The global stock market was very bullish yesterday and therefore the Yen pairs like EUR/JPY, USD/JPY etc are on a rise. Above is the forex chart on which I have closed my trade.

I did not trade too many lots for this forex trading pair and did not close it at different times because I was caught up with other stuffs to deal with yesterday, or else will have made bigger profits. Anyway, I’m always satisfied with the profits that I have made with my forex trading system , regardless of how much the profits are..and you should be satisfied with whatever profits you made too! Since the pair was smoothly along with the direction of my trade, it hardly came close to my stop loss of 30 pips and continue to rise from my entry price at 131.74. My profit target just below the R2 level at 132.44 was hit in a short period of time and I have made 70 pips !

If you remembered what I mentioned yesterday, I said that even if EUR/JPY hit my target profit at R2 of the daily pivot, it will still have the momentum to rise even further. True enough, the pair even broke the R3 level which means that it was on a real bullish run. From my technical analysis point of view, EUR/JPY still have the strong momentum to rise on the upside. From the Fibonacci drawn from 169.95 (23 July ) high to 112.06 (21 Jan) low, this pair have reached 38.2% and may approached the next resistance of 50.0% (141.01). On the downside, break of 125.72 may suggest that the pair has resumed the major down trend.

If you have not got this forex trading system from my f.ree forex ebook, please download it and see if it is suitable for your trading. Besides that, there are many other forex trading tips, forex trading strategies that are beneficial adding to your forex education. If you’re new here and like what you read, please subscribe to my blog feed or sign up for f.ree email updates .

You can also find out what I am doing now by following my Twitter here .