EUR/JPY Long-Term Trend: Bullish
Key Resistance Levels: 130.02, 130.50, 131.00
Key Support Levels: 129.60, 129.13, 129.00
The price on the higher time frame is traded inside a bearish channel formation where it failed to break a strong daily support around the 129.60 USD. The market has posted a double bottom near this level which shows that a potential reversal could occur.
EUR/JPY Medium-Term Trend: Bullish
On the lower time frame, the price managed to break the bullish flag formation to the upside after finding buyers around the 61.80% Fibonacci retracement level. A lower correction could be seen to the highlighted zone before a new impulsive wave toward the target profit.
Buy Limit Order @ 129.602
TP 1 @ 130.004
TP 2 @ 130.500
Stop Loss @ 129.470
Trade Safely 🙂