Lingrid | EURJPY Potential Breakout and Price Surge

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The price perfectly fulfilled my previous idea. EURJPY is consolidating just beneath resistance after rebounding strongly from the support zone. Price is moving inside an upward channel, while repeatedly testing the downward trendline from above, hinting at a potential breakout. A confirmed move above resistance could trigger bullish continuation toward 173.50. Broader momentum remains constructive as higher lows align with the channel’s bullish structure.

📉 Key Levels:
  • Buy trigger: Break and close above 172.90–173.00 zone.
  • Buy zone: 172.10–172.40 retest area near the upward channel support.
  • Target: 173.50 resistance area.
  • Invalidation: Break below 171.80 support would negate the bullish outlook.

💡 Risks:
  • Failure to break the downward trendline could trigger another rejection lower.
  • Yen strength from macro data or risk-off flows could cap upside momentum.
  • Overextension near resistance could lead to a false breakout trap.

If this idea resonates with you or you have your own opinion, traders, hit the comments. I’m excited to read your thoughts!


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