EUR/JPY Breakout the Long Range – Potential Swing Trade
A couple of weeks ago, we discussed the wide trading range of the EURJPY. The cross currency played in a range (131.560 - 134.400) for...
A couple of weeks ago, we discussed the wide trading range of the EURJPY. The cross currency played in a range (131.560 – 134.400) for a couple of months starting from Sep to mind Dec. Now, let’s look at the potential long-term plan for EUR/JPY.
EURJPY – Wide Range Breakout
Check out the weekly chart given below. We can see, the EURJPY was trading in a long range of 131.550 – 134.500. Yesterday, it had a nice and clear breakout at 134.500. Let’s break down the technical’s supporting the further bullish trend.
EURJPY – Daily Chart
– Three white soldiers in the daily time frame are supporting the bullish bias of investors.
– Yesterday, the daily candle closed outside the previous range, it’s a very first indication of a bullish breakout.
– Stochastic is trading in the buying zone (above 50). It’s signifying a strong bullish trend.
Support Resistance
132.03 133.44
131.6 133.87
130.9 134.58
Key Trading Level: 132.74
EURJPY – Trading Plan
We should wait for bit correction in the pair before entering a buy position. Prefered entry will be near 133.850 with a stop below 132 and take profit at 136. Fellas, it’s a swing trade opportunity, so make sure to follow the money management strategy. Good luck and stay tuned for more updates!
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