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 🙂