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EUR/JPY Potential Upward Movement

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 130.476, 130.981, 131,869

Key Support Levels: 129.624, 129.073, 128.550.

Daily Time Frame:

The price on the higher time frame posted a double bottom formation near the 127.992 JPY mark which led to a change in direction from a downward move to an upward one. The market succeeded to break a strong resistance zone near the 129.650 JPY mark which could lead to a further move upward toward the next key resistance.

EUR/JPY Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price succeeded to break the bullish flag to the upside with the help of the buyers near the bespoke support level which coincides with a 50% Fibonacci retracement level. A lower correction could be seen to the highlighted zone before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 129.628

TP 1 @ 130.437

TP 2 @ 131.227

Stop Loss @ 129.225

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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