EUR/JPY Breakout of the Long Range – Get Ready for a Swing Trade!

Unsurprisingly, the market is exhibiting a thin trading volume due to Thanksgiving holiday in the United States. But the Japanese pairs are on a move. EUR/JPY has already bounced off an intraday support level of 128.750 and it may offer us an opportunity to capture a long-term trade.

EUR/JPY – Wide Range Breakout

Check out the 2-hour chart – the EUR/JPY is trading in a long range of 128.650-129. It’s likely to have a nice and clear breakout at 129. Let’s break down the technicals supporting the further bullish trend.

– Three white soldiers in the 4-hour timeframe are supporting the bullish bias of investors.
– Yesterday, the daily candle closed outside the previous range, it’s a very first indication of a bullish breakout.
– Stochastic is trading in the buying zone (above 50). It’s signifying a strong bullish trend.

Support Resistance
127.78 128.81
127.38 129.44
126.35 130.47
Key Trading Level: 128.41

EUR/JPY – Trading Plan

We should wait for a slight correction in the pair before entering a buy position. Preferred entry will be near 128.750 with a stop below 128.350 and take profit at 129.450.

Good luck and stay tuned for more updates!

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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