Long EUR/JPY

The Euro & GBP have experienced the same losses to the Yen - Have a look at their charts and lets see if we can spot an opportunity.

First the Euro Chart we can see several steep steps down and a few steps up from the lowest low of around 113-114 area. This may be indicating a bottoming of the price.

My strategy is long and my trade was taken at 116.63 with protective stop at the recent lowest low. I placed this stop here for two reasons. 1: to limit losses to the most recent range low and 2: To give the long trade some good breathing space to come to fruition.

Should the EUR/JPY pair plunge levels lower than the recent low of 113 then I will look for another long entry below my stop loss.