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!