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EUR/JPY Potential Upward Movement

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 131.245, 131.628, 132.533.

Key Support Levels: 130.645, 130.168, 129.662.

1-Hr Time Frame:

The price on the higher time frame is in a clear upward movement where the market is traded inside a bullish channel formation. The pair is correction to the highlighted support where after it a new bullish impulsive wave could be seen.

EUR/JPY Medium-Term Trend: Bullish

15-Mins Time Frame:

On the lower time frame, the price is bouncing inside a bullish flag formation where it posted an accumulation phase near the area of confluence made of the 50% Fibonacci retracement level and the bespoke support. This will lead to the end of the correction and a move to the upside.

Buy Market Order @ 130.691

TP 1 @ 131.245

TP 2 @ 131.628

Stop Loss @ 130.470

Trade Safely 🙂

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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