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EUR/JPY Potential Upward Movement

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 128.583, 128.690, 129.004.

Key Support Levels: 128.171, 128.010, 127.954.

1-Hr Time Frame:

The price on the higher time frame found support around the 128.000 JPY mark where it posted a double bottom signaling a potential move to the upside. In addition, this shows that the market is controlled by buyers, we can see this by looking at the big bodied bullish bar posted above the bespoke support.

EUR/JPY Medium-Term Trend: Bullish

5-Mins Time Frame:

On the lower time frame, the price succeeded to break the bearish channel to the upside after finding buyers near the dotted line and it formed the Wyckoff accumulation phase which represents the double bottom on the 1 hr time frame. a lower correction could be seen before a new impulsive wave toward the target profits.

Signal Idea:

Buy Market Order @ 128.175

TP 1 @ 128.583

TP 2 @ 128.690

Stop Loss @ 127.974

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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