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EUR/JPY Spikes Above 132.150 - Triangle Pattern In Focus

Author: Arslan Butt, Commodities & Indices Analyst/Monday, April 16, 2018/Categories: Live Market Updates

Traders, the safe haven appeals seems to be vanishing after positive remarks from both China and the USA. Moreover, US President Donald Trump is satisfied after the attack on Syria, after using the phrase “Mission accomplished” after the coordinated operation between US, UK, and France. It's causing a slight weakness in the Japanese Yen. Check out the trade plan on EUR/JPY...


EUR/JPY -  Ascending Triangle Breakout

Looking at the 2-hour chart, the Japanese cross EUR/JPY bounced back above 132.150 support zone.  The pair has formed an ascending triangle pattern, which is providing a strong resistance to EUR/JPY near 132.650. The break above this level can lead the pair towards 132.950. Referring to FX Leaders Triangle Strategies, the ascending triangle patterns usually breaks upward.

EUR/JPY - 2 Hour Chart EUR/JPY - 2 Hour Chart 

Besides this, you can see a 50-period EMA, which is also supporting the EUR/JPY above 132.150. Lastly, the 14-period EMA is holding below 20, signaling bulls are around the corner.


EUR/JPY - Trading Plan

I will be looking to stay bullish above 132.35 to target 132.650 and 131.850.

Good luck!


Arslan Butt, Commodities & Indices 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 Arslan served as a senior analyst in a major brokerage firm.