The EUR/JPY pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a triangle pattern.
Key Points:
Triangle Breakout: The price has been trading within a triangle pattern, characterized by converging trendlines. This pattern can be interpreted as a continuation of the prior trend or a potential reversal depending on the breakout direction. The recent break below the lower trendline signifies a potential confirmation of a downtrend continuation.
Sell Entry: Consider entering a short position around the current price of 163.08, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the following levels 162.33 and 161.98
Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the triangle, ideally around 163.40. This helps limit potential losses if the price reverses and breaks back upwards.
Thank you
Key Points:
Triangle Breakout: The price has been trading within a triangle pattern, characterized by converging trendlines. This pattern can be interpreted as a continuation of the prior trend or a potential reversal depending on the breakout direction. The recent break below the lower trendline signifies a potential confirmation of a downtrend continuation.
Sell Entry: Consider entering a short position around the current price of 163.08, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the following levels 162.33 and 161.98
Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the triangle, ideally around 163.40. This helps limit potential losses if the price reverses and breaks back upwards.
Thank you
Trade active
Weak Eurozone Data: Flash Eurozone PMI data released earlier this week showed a slight contraction in manufacturing and service activity, potentially raising concerns about Eurozone economic growth. This could weaken the Euro (EUR)
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📞📞Telegram me @t.me/kabhidhan
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.