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EUR/JPY Potential Upward Movement

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 133.88, 134.44, 135.00

Key Support Levels: 133.06, 132.03, 131.65

Daily Chart:

The price on the daily time frame is traded inside a bullish ascending wedge by posting higher highs and lows. Recently, it managed to break the 133.06 USD level, and retrace to it. Further upside is expected to be seen in the same direction of the main trend.

EUR/JPY Medium-Term Trend: Bullish

4-hour Chart:

On the lower time frame, the price is trading inside a bullish flag formation where it retraced to the strong support and the 61.80% Fibonacci retracement level. This could lead to a movement to the upside toward our target profit.

Signal Idea:

Buy Limit Order @ 133.07

TP 1 @ 133.87

TP 2 @ 134.44

Stop Loss @ 132.75

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.

2 comments

  1. I am confused as yesterday the signal on this pair was to sell it. Shall we close these positions and go long at the entry price?

    • Hello Chris,

      Hope you are doing well.

      If you are in the vip signals group, you will get update whenever we close or even change stop loss, so we monitor our trades, all you need to do is to follow the instructions.

      Have a lovely weekend.

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