EUR/JPY Long-Term Trend: Bullish
Key Resistance Levels: 133.64, 134.05, 134.46
Key Support Levels: 131.98, 132.39, 132.81
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
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.
Sell Stop Order @ 133.084
TP 1 @ 132.799
TP 2 @ 132.549
Stop Loss @ 133.420
Trade Safely 🙂