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EUR/JPY Potential Upward Movement

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 130.02, 130.50, 131.00

Key Support Levels: 129.60, 129.13, 129.00

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Buy Limit Order @ 129.602

TP 1 @ 130.004

TP 2 @ 130.500

Stop Loss @ 129.470

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.

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