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EUR/JPY Steady in a Range, Buckle up for a Breakout Pattern

As expected, the market is a bit muted as the US markets will remain closed because of Martin Luther King Day. With that, the rest of the financial market is also not on a move. The EUR/JPY is one of the trading instruments stuck in a narrow trading range of 125-123.800.
On the daily timeframe, the 50-periods EMA is giving a hard time to the EUR/JPY, as it’s pushing the pair lower below 125.

The RSI is also holding above 50, supporting the bullish bias of investors. Most important of all, the Japanese cross has crossed above 61.8% Fibonacci retracement level, while the immediate resistance prevails at 78.6% level at 125.120.

Support Resistance
124.46 125
124.17 125.26
123.63 125.81
Key Trading Level: 124.72

EUR/JPY – Trading Plan

Fellows, I’m looking to go long on EUR/JPY above 124.500 with a stop below 124.250 and take profit of 124.850. On the flip side, selling is preferred below 124. 450.

Good luck!

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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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