EUR/JPY Long-Term Trend: Bullish
Key Resistance Levels: 129.93, 131.18, 132.00
Key Support Levels: 128.46, 127.34, 125.07
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
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.
Buy Limit Order @ 129.50
TP 1 @ 129.92
TP 2 @ 131.18
Stop Loss @ 129.30
Trade Safely 🙂