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EUR/JPY Potential Upward Movement

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 139.21, 140.00, 140.92

Key Support Levels: 137.01, 136.00, 135.01

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Buy Stop Order @ 138.05

TP 1 @ 139.18

TP 2 @ 140.31

Stop Loss @ 136.92

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

5 comments

  1. Price went below trendline. Trade still on ?

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