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!
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