EUR/JPY Long-Term Trend: Bullish
Key Resistance Levels: 139.21, 140.00, 140.92
Key Support Levels: 137.01, 136.00, 135.01
The price on the higher time frame has been trading in an uptrend for weeks. The pair had broken the support level of 127.92 but then faced rejection from the downside. The price then picked up momentum and succeeded to break the resistance level after a small pullback.
EUR/JPY Medium-Term Trend: Bullish
On the lower time frame, the pair is moving in the major trend’s direction. The price broke the downtrend and picked up momentum. As of now, the pair is breaking out after consolidating for some time. There is a trendline formation and support at the 137.01 level.
Buy Stop Order @ 138.05
TP 1 @ 139.18
TP 2 @ 140.31
Stop Loss @ 136.92
Trade Safely 🙂