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

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!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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