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EUR/JPY Potential Upward Movement

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 131.093, 131.330, 132.000.

Key Support Levels: 130.640, 130.415, 130.246.

1-Hr Frame:

The price on the higher time frame managed to break the bearish channel to the upside after a throw over to the downside of the pattern. The market rebounded and now it is traded above the bespoke resistance level (now support) around the 130.641 JPY which will lead to a further movement to the upside.

EUR/JPY Medium-Term Trend: Bullish

15-Mins Time Frame:

On the lower time frame, the price succeeded to break the bullish flag to the upside after finding buyers near the highlighted zone where it posted an inverse head and shoulders signaling a potential and a move to the upside.

Buy Market Order @ 130.687

TP 1 @ 131.093

TP 2 @ 131.330

Stop Loss @ 130.484

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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