EUR/JPY Long-Term Trend: Bullish
Key Resistance Levels: 132.167, 132.904, 133.160.
Key Support Levels: 131.445, 130.480, 130.156.
Daily Time Frame:
The price on the higher time frame succeeded to break the bearish trendline to the upside after finding buyers below the support level around the 131.451 JPY mark. So, the break of the structure shows that there is a potential of a reversal and a move to the upside especially that a bullish engulfing pattern has been posted.
EUR/JPY Medium-Term Trend: Bullish
1-Hr Time Frame:
On the lower time frame, the buyers succeeded to break as well the bearish trendline where the market showed a new trend to the upside. A series of higher highs and lows has been posted. This shows that the buyers are in clear control of the market and might push the price all the way up toward the target profits.
Buy Limit Order @ 131.542
Target Profit 1 @ 132.167
Target Profit 2 @ 132.904
Stop Loss @ 130.920
Trade Safely 🙂