EUR/JPY Testing Triple Bottom – Is It Going to Reverse?

EUR/JPY is trading near 129.400, right above the triple bottom support level of 129.200. Good thing is, the pair has formed a hammer pattern


It’s been another good start of the day as team FX Leaders managed to secure three profitable trades in gold, EUR/JPY, and Nikkei. During the Asian session, we opened a trade to sell EUR/JPY below 129.400 to target 129.070 but the market missed our target just by inches. However, it was a good idea to close the position manually in profit as the pair reversed right after closing the position.

For the moment, the EUR/JPY is trading near 129.400, right above the triple bottom support level of 129.200. Good thing is, the pair has formed a hammer pattern on the hourly chart, which is indicating a potential of a bullish reversal.

 

Support     Resistance
129.36        129.47
129.3          129.52
129.19        129.63
Key Trading Level: 129.41

 

EUR/JPY – Trade Plan

The idea is to stay bullish above 129.200 to target 129.650. Whereas, the market can stay bearish below 129.650. In the case of a bullish breakout of 129.650, we may see EUR/JPY flaying towards 129.850. 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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