EUR/JPY Tests 130.650 – Symmetrical Triangle Breakout Looms

EUR/JPY is trading at 130.800, right above the major support area of 130.600. I would like to highlight the number of Doji and...


What’s up, traders?

In the forex market, volatility is expected to remain very low as most markets are closed for Good Friday and Easter. However, the Japanese cross EUR/JPY is offering a really cool breakout setup. Let’s check it…

EUR/JPY –  Technical Setup

At the moment, the EUR/JPY is trading at 130.800, right above the major support area of 130.600. I would like to highlight the number of Doji and Spinning Top candles right above 130.600. Perhaps this is owing to thin trading volume.

But the question is whether EUR/JPY is likely to continue the bullish momentum?

EUR/JPY - 4 Hour Chart

EUR/JPY – 4 Hour Chart

Well, on the 4-Hour chart, the EUR/JPY is trading in the oversold zone. The RSI and Stochastics are below 20, which signifies the potential for a bullish reversal.

You can also see a symmetric triangle pattern, which is supporting the pair near 130.600 with a hurdle up there at 131.400.

EUR/JPY – Trading Plan

Fellas, It looks like a good opportunity to go long with a minor stop loss of 130.350 and a take profit of 131.400.  

Good luck!

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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