EUR/JPY Breakout of the Long Range - Get Ready for a Swing Trade! - Forex News by FX Leaders

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

Posted Thursday, November 22, 2018 by
Arslan Butt • 1 min read

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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles

Leave a Reply

Notify of