Why is the EURJPY Forex cross pair rallying in August 2024?
10 Aug 2024
Why is the EURJPY Forex cross-pair rallying in August 2024? Don’t sell Forex cross-pairs after a strong sell-off – here’s why. The reason is that the markets are governed by the forces of supply and demand, whether we like it or not. These forces move the threads in the background, creating strong market price action. In this video market analysis, I will review why you should not sell after a strong sell-off on any Forex cross pair; EURJPY is no exception.
You are probably trading the daily timeframe or taking short-term and intraday positions on stocks, Forex and cryptos.
- Stop chasing trades.
- A strong move should make you stop trading.
- Take profits will usually start to happen.
- No need for any indicators to do this.
- Use logic and common sense.
- Supply and demand govern the markets.
The weekly timeframe below shows a weekly supply imbalance created a couple of weeks ago for the EURJPY cross-pair. Last week (August 2024), a new bullish pin candle was formed at #2. After such a strong sell-off and bullish price action, we expect the EURO to become much stronger against the Japanese Yen. These are the forces of supply and demand and price action analysis. You can use price action and intraday Forex strategies to trade up to the supply level located at 171.
The weekly chart analysis for the EURJPY cross-pair shared below was posted at Set and Forget Online Trading Academy. Let’s see if the price action behaves as expected.
The Rise of Goatseus Maximus: Best Memecoin to Buy 2024
December 11, 2024
Why 2024 is the PERFECT Time to Invest in Coca Cola Company Stock
November 27, 2024
Why Alibaba is the Top Stock to Buy Now for Long-Term Investment in 2025
November 26, 2024
© 2013 – 2024
Set and Forget S.L
All Rights Reserved.
Follow Us
Disclaimer
Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Set and Forget, its employees, or fellow members. Futures, options, and spot currency and stocks trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex and futures markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell spot Forex, cfd's, stocks or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.