Bullish Channel Breakout On EUR/JPY – Sellers Awaits for Entry
Arslan Butt • 1 min read
What’s up, my friends. A day without fundamentals is always boring for everyone, but not for team FX Leaders as we still managed to grab some great opportunities in stock market indices. Now, I’m looking at the Japanese crosses for more trades and I see a really cool trade setup on the daily chart. Watch it out…
EUR/JPY – Bearish Breakout on a Bullish Channel
In our previous update, EUR/JPY Fell Back to 133.90, Bull Looms In the Region, we discussed the bullish channel on the daily chart. The was formed connecting the lows of Nov 23, Dec 15 and Feb 7. But the market violated the channel on the same day after the safe haven appeal hit the market.
EUR/JPY – Daily Chart
For now, the same bullish which was supporting the Japanese cross above 133.850 is likely to provide a solid resistance at 133.850. As we know, the support once is broken become resistance. For all the newbies out their, check out the FX Leaders support and resistance strategy for using below levels more profitably.
Key Trading Level: 133.27
EUR/JPY – Trading Plan
Traders, I will be looking to stay bullish above 133.250 with a minor stop loss of 132.950 and a take profit of 133.750. On the other hand, selling below 133.850 with a stop above 134.150 and take profit of 132 looks like a good idea. Good luck fellows, and stay tuned for more Forex Trading Signals!