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.
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