UncleBullFX

EURJPY Breakout Trade

OANDA:EURJPY   Euro / Japanese Yen
EURJPY 4H:

EURJPY has been heading in bearish trend since the 26th of March 2020, this is represented by the trend-line drawn on the chart. Last Thursday, we saw the market clearly breaking the bearish trend-line heading to the strong structural resistance level of 117.7. Now we can notice that the market is consolidating in a 90 PIP area between 116.8 - 117.7.

In order to trade this pair we have to wait for a breakout of the consolidation area from either the upside or the downside. We will wait for a clean break on the 4H chart then we will buy or sell the pullback. Possible targets shown on the graph.

Risk ONLY: 2-3%

Good Luck

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