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EUR/JPY Potential Upward Movement

EUR/JPY Price Long-Term: Bullish

Key Resistance Levels: 129.60, 129.75, 130.00

Key Support Levels: 128.26, 127.11, 126.12

Daily Chart:

On the daily time frame, the price is in a strong upward movement where it is traded inside a bullish channel formation. The price posted a correction count to the 61.8% Fibonacci retracement, and this gave the opportunity for the buyers to jump in.

EUR/JPY Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading within a bullish flag formation where the price might be pushed to a confluence area between the support and the 61.8% Fibonacci retracement which might lead to a move upward to the 129.45 level.

Signal Idea:

Buy Limit Order @ 128.79

TP 1 @ 129.45

TP 2 @ 129.60

Stop Loss @ 128.47

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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