EUR/JPY Trades In Bullish Channel – A Quick Trade Setup

Posted Thursday, January 18, 2018 by
Arslan Butt • 1 min read

Fellas, the trading activity is a bit on the light mode before the series of economic events due in the US session. It appears like the investors are holding their shots for the right time. However, the team FX Leaders did well with Gold. The trade in Dax progressively heading towards the target. Watch out the EUR/JPY trade idea below…

EURJPY – Bullish Channel

On the 2 – hour chart, you can see the formation of a bullish channel which is supporting the pair at 135.750. Exactly at the same level, the horizontal trendline is also extending the support to cross currency.

EUR/JPY - 120 - Min Chart

EUR/JPY – 120 – Min Chart

Besides this, the pair is also showing the bullish crossover not only on the leading indicators, RSI and Stochastics but also on the 50- periods EMA on the 45- Min time frame.

Support     Resistance

135.24    135.92

135.03    136.13

134.69    136.47

Key Trading Level:    135.58

EURJPY – Trading Plan

We just opened a forex trading signal to buy the EUR/JPY above 136.05 with a stop above 135.750 and take profit of 136.30. Good luck!

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