🔍 Chart Analysis (EUR/JPY – 1H Timeframe):
A Double Bottom pattern has formed around the 162.10 - 162.20 zone, indicating selling pressure is weakening and a potential bullish reversal.
There's a clear key resistance level at 163.00, which has already been tested once but not yet broken.
The most recent low is a Higher Low, suggesting buyers are gaining strength and a bullish trend may be starting.
Suggested Trade Setup:
Direction: Bullish (Buy)
Entry: Around the current price (162.70 – 162.75)
Stop Loss: Below the second bottom – around 162.05
Take Profit 1 (TP1): 163.00 (key resistance)
Take Profit 2 (TP2): 163.60 (previous swing high)
Trade Rationale:
Price rebounded from a strong support level (162.10)
Formation of a Higher Low – bullish signal
If buying pressure continues, price may break above 163.00
A Double Bottom pattern has formed around the 162.10 - 162.20 zone, indicating selling pressure is weakening and a potential bullish reversal.
There's a clear key resistance level at 163.00, which has already been tested once but not yet broken.
The most recent low is a Higher Low, suggesting buyers are gaining strength and a bullish trend may be starting.
Suggested Trade Setup:
Direction: Bullish (Buy)
Entry: Around the current price (162.70 – 162.75)
Stop Loss: Below the second bottom – around 162.05
Take Profit 1 (TP1): 163.00 (key resistance)
Take Profit 2 (TP2): 163.60 (previous swing high)
Trade Rationale:
Price rebounded from a strong support level (162.10)
Formation of a Higher Low – bullish signal
If buying pressure continues, price may break above 163.00
Trade closed manually
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.
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.