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EUR/JPY Potential Upward Movement

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 132.37, 132.65, 133.00

Key Support Levels: 131.44, 130.95, 130.50

Daily Chart:

The price on the higher time frame posted an engulfing bullish pattern and started to move higher. A lower correction has been posted to the 50% Fibonacci retracement level where the pair found buyers and this could lead to a move upward.

EUR/JPY Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame the price succeeded to break the bearish channel formation to the upside after posting a double bottom pattern. The price moved higher where we expect a lower correction to the highlighted zone before a rally to the target profit.

Signal Idea:

Buy Limit Order @ 131.78

TP 1 @ 132.11

TP 2 @ 132.37              

Stop Loss @ 131.66

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. Made money today! Thank you!

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