EUR/JPY Long-Term Trend: Bullish
Key Resistance Levels: 129.150, 129.637, 129.800.
Key Support Levels: 128.621, 128.286, 128.000.
The price on the higher time frame failed to break the 128.286 JPY mark and reversed higher with an engulfing bullish pattern. The market is in clear control by the buyers where the price is pushed upward and we expect this to continue furthermore toward the next daily resistance.
EUR/JPY Medium-Term Trend: Bullish
On the lower time frame, the pair is succeeded to break the wedge formation to the upside and then retraced to the daily support where the liquidity is brought back by the buyers. The market was pushed to the upside around the 50% Fibonacci retracement, and it succeeded to break the highlighted zone to the upside. A lower correction is expected to this area before a new bullish impulsive wave.
Buy Limit Order @ 128.639
TP 1 @ 129.134
TP 2 @ 129.637
Stop Loss @ 128.450
Trade Safely 🙂