On July 29, I posted to social media: “EURJPY - if we break above 123.98, then I will looking to buy.“

The chart below was also posted on social media, showing that a bullish Cup & Handle pattern was clearly visible on the four hour chart, calling for a possible move higher. The bullish pattern triggers buys when the price breaks above the handle of the cup.

The market pattern formed during an uptrend, stayed above the 200 moving average, and then the base formed on the top half of the uptrend move. I advised traders to watch for price to break above the handle and expect a rally higher when it does.

EURJPY Four Hour Chart - July 29, 2020

On July 30, the price broke above the handle and the buy entry was triggered at 123.98, with the stop loss at 122.83.

EURJPY Four Hour Chart - July 30, 2020

The pair rallied higher, and on August 13, the pair hit the 1:2 RR target at 126.28 for +230 pips. The pair, as of August 21, has yet to hit the remaining 1:3RR or 1:4RR targets, but there is still possibility in the coming weeks that it can push higher and hit them. Only time will tell.

EURJPY Four Hour Chart - August 13, 2020

On August 11, I also posted the second buy target on social media: “EURJPY - Pair can possibly rally higher. Watch for possible buying opportunities. Will be adding more buys."

The chart below was also posted on social media, showing that a bullish wedge breakout pattern was visible on the one hour chart, calling for a move higher. Price bounced off the support/resistance level (brown) and a bullish divergence pattern formed (pink), adding more confirmation to enter the second buy target on the break above the wedge pattern. The second buy entry (light blue) triggered at 124.67, with the stop loss at 124.29. 

EURJPY One Hour Chart - August 11, 2020

The pair eventually rallied higher and hit the 1:5 RR second buy target at 126.57, for +190 pips.

EURJPY One Hour Chart - August 13, 2020

Of course, like any strategy/technique, there will be times when the strategy/technique fails, so proper money/risk management should always be used on every trade.