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EUR/JPY Potential Upward Movement

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 129.93, 131.18, 132.00

Key Support Levels: 128.46, 127.34, 125.07

Daily Chart:

The price is trading inside an ascending channel formation where the price posted a correction count and stalled near the trendline support. After this retracement, the price rallied and moved to the upside to test the 129.93 USDT level.

EUR/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hr time frame, the price is currently inside a bullish channel formation where the price is expected to move lower temporary where there is an area of confluence. This area is made of a 61.80% Fibonacci retracement level and a strong support. This could cause a rebound and a move upward toward the resistance.

Signal Idea:

Buy Limit Order @ 129.50

TP 1 @ 129.92

TP 2 @ 131.18

Stop Loss @ 129.30

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.

One comment

  1. nah, this is the correct eurjpy, before on telegram was eurnzd. so totally 3 right now right? eurnzd running profit now, gbpaud and eurjpy pending orders, hope all hit tp

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