The current technical pattern indicates a possible correction of the EUR/JPY currency pair after a fairly long fall. Near the "mirror" support of 129.650, a classic pattern of the Price Action "Outside Bar" (H1 timeframe) has been formed, which is acting as a reversal formation at the moment. The price is testing a round level of 130.000. We recommend you to pay attention to this situation.
If the price fixes above the level of 130.000, it is necessary to consider buying EUR/JPY. The closest target for fixing profit is the resistance level of 130.500. In the medium term, EUR/JPY may reach 131.000-131.250. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account