Morning traders ! Today i show you my view about eur jpy . This cross is moving into a rectangle from more than 1 month , the resistance of the
rectangle is around 132 zone while 129.5 zone is acting as a support. In 1h timeframe i've spotted an ascending triangle already formed. The breakout of this triangle may be the signal to go long till 133.5 zone , another long signal that may be useful is the breakout of EMA 100 and 200 that till now acted as resistance. That's my analysis , let's wait the breakout. Have a nice day !
rectangle is around 132 zone while 129.5 zone is acting as a support. In 1h timeframe i've spotted an ascending triangle already formed. The breakout of this triangle may be the signal to go long till 133.5 zone , another long signal that may be useful is the breakout of EMA 100 and 200 that till now acted as resistance. That's my analysis , let's wait the breakout. Have a nice day !
Comment:
In 4h timeframe some hours ago price tried to break this level but has been rejected , maybe now EMA 200 may act as support and go tonight for the breakout. Still waiting!
Trade active:
As i said , in 4h timeframe EMA 200 acted as support. Tonight the price broke the triangle and retested it. Entry 131.750 , retest zone , stop below previous bullish candle , 131.400 , TP 133. R:R 1:3,5 .
Trade closed: target reached:
Nice trade and nice profit , target 133 reached . Simple and effective!