Hello Traders,
It's been a while. I trust you are good.
Kindly find below my analysis of EURJPY currency pair.
Overview:
EUR/JPY has been consolidating within a bullish flag pattern, characterized by lower highs and lower lows over the past few trading sessions. Price action has now broken above the flag’s resistance, indicating a possible continuation of the broader bullish trend.
Idea:
The breakout above the bullish flag suggests that bulls are regaining control. Price is currently hovering around 169.370, having just cleared the wedge’s resistance line.
Key levels to monitor:
1. Support Zone: Around 169.200–169.300
2. Resistance Level: 169.699
Trade setup:
Entry: On a successful breakout or break and retest of 169.200–169.300.
Stop Loss: Below 168.816 (beneath the flag's support and recent swing low).
Targets: TP1: 169.699, TP2: 170.000–170.200
Conclusion:
EUR/JPY has broken out of a bullish flag pattern, signaling momentum shift in favor of buyers. If price sustains above the breakout zone or clears 169.699 resistance, we may see an extended rally toward the 170.000 mark. Trade with caution.
Cheers and happy trading.
It's been a while. I trust you are good.
Kindly find below my analysis of EURJPY currency pair.
Overview:
EUR/JPY has been consolidating within a bullish flag pattern, characterized by lower highs and lower lows over the past few trading sessions. Price action has now broken above the flag’s resistance, indicating a possible continuation of the broader bullish trend.
Idea:
The breakout above the bullish flag suggests that bulls are regaining control. Price is currently hovering around 169.370, having just cleared the wedge’s resistance line.
Key levels to monitor:
1. Support Zone: Around 169.200–169.300
2. Resistance Level: 169.699
Trade setup:
Entry: On a successful breakout or break and retest of 169.200–169.300.
Stop Loss: Below 168.816 (beneath the flag's support and recent swing low).
Targets: TP1: 169.699, TP2: 170.000–170.200
Conclusion:
EUR/JPY has broken out of a bullish flag pattern, signaling momentum shift in favor of buyers. If price sustains above the breakout zone or clears 169.699 resistance, we may see an extended rally toward the 170.000 mark. Trade with caution.
Cheers and happy trading.
Trade active
Take profit 1 hit.
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.
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.