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EUR/JPY Potential Upward Movement

EUR/JPY Long-Term Trend: Bullish

Key Resistance Levels: 129.150, 129.637, 129.800.

Key Support Levels: 128.621, 128.286, 128.000.

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Buy Limit Order @ 128.639

TP 1 @ 129.134

TP 2 @ 129.637

Stop Loss @ 128.450

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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