EUR/JPY Tests 130.650 – Symmetrical Triangle Breakout Looms
Arslan Butt • 1 min read
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
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.