EUR/JPY Spikes Above 132.150 – Triangle Pattern In Focus
Arslan Butt • 1 min read
Traders, the safe haven appeals seems to be vanishing after positive remarks from both China and the USA. Moreover, US President Donald Trump is satisfied after the attack on Syria, after using the phrase “Mission accomplished” after the coordinated operation between US, UK, and France. It’s causing a slight weakness in the Japanese Yen. Check out the trade plan on EUR/JPY…
EUR/JPY – Ascending Triangle Breakout
Looking at the 2-hour chart, the Japanese cross EUR/JPY bounced back above 132.150 support zone. The pair has formed an ascending triangle pattern, which is providing a strong resistance to EUR/JPY near 132.650. The break above this level can lead the pair towards 132.950. Referring to FX Leaders Triangle Strategies, the ascending triangle patterns usually breaks upward.
EUR/JPY – 2 Hour Chart
Besides this, you can see a 50-period EMA, which is also supporting the EUR/JPY above 132.150. Lastly, the 14-period EMA is holding below 20, signaling bulls are around the corner.
EUR/JPY – Trading Plan
I will be looking to stay bullish above 132.35 to target 132.650 and 131.850.