In this technical analysis of EUR/JPY, we observe a consistent upward trend within a rising channel, offering a bullish outlook for potential trades. Currently, the pair is navigating towards the upper channel line, suggesting a target of 172. Traders should consider entering long positions on pullbacks towards the mid-channel, with a stop-loss slightly below 168 to protect against potential trend reversals.
However, it’s crucial to stay vigilant as a break below the 168 support could invalidate the bullish scenario and trigger a bearish reversal. In such a case, traders might want to switch to a selling strategy, targeting lower support levels.
However, it’s crucial to stay vigilant as a break below the 168 support could invalidate the bullish scenario and trigger a bearish reversal. In such a case, traders might want to switch to a selling strategy, targeting lower support levels.
Note
Quick Update: EUR/JPY has reached the 171 level, aligning with our bullish outlook within the rising channel.Trade closed manually
Note
Closed in Profit
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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.
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.