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EUR/JPY Potential Bearish Trade

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 133.64, 134.05, 134.46

Key Support Levels: 131.98, 132.39, 132.81

Daily Chart:

The EUR/JPY pair is likely to close a shooting star candlestick pattern around 133.146 level on the daily timeframe. The shooting star pattern followed by a strong bullish candle signifies odds of bearish reversal. Therefore, the EUR/JPY pair may take a bearish turn below 133.400 to target the 132.790 level soon.

EUR/JPY Medium-Term Trend: Bearish

1-hour Chart:

On the hourly timeframe, the EUR/JPY pair has violated an upward channel that supported the pair around 133.180 level. For now, the pair is facing immediate support at the 133.150 level. A bearish breakout of that level can extend the selling trend until the next target level of 132.799. and 132.549 However, we will abort the trade in case the EUR/JPY fails to close candles below 133.150 – 133.120 area.

Signal Idea:

Sell Stop Order @ 133.084

TP 1 @ 132.799

TP 2 @ 132.549

Stop Loss @ 133.420

Trade Safely 🙂

About Ali B.

Live Webinar Speaker & Derivatives (Forex, Commodities, and Indices) Analyst with the broad range of skills for evaluating financial data. Expert in investment trends, technical analysis, fundamental analysis, market sentiments, and trading psychology.

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