ForexTradingZones

EURJPY Flag Pole ( RECTANGLE ) Setup

FX:EURJPY   Euro Fx/Japanese Yen
EURJPY             currently @137.86. We are looking for a continuation to the extension of the Fib -0.27 @137.00-137.09. As you can see, the currency needs to break out of the rectangle. The ATR ( Average True Range ) for the pair is 45 pips.

If the currency breaks 137.65-60 area, we could see a chance of a short as follows: Entry @137.60 with a tight STOP of 137.85 and a potential target of 1.3720-1.3710 level.

On the bull side (or bounce expected) the closest target we see is a PAST UPTREND SUPPORT ( PSR             ) @138.15 after the break of the rectangle. So, let’s wait for the direction and make a decision based on the price action.

IMPORTANT DISCLAIMER:
These comments are for information purposes only. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Do not trade without proper research on the asset. This is an opinion ONLY – and not a trade call, but this analysis may lead you to a trade. The information contained on this document does not constitute a solicitation to buy or sell an asset by FOREXTRADINGZONES.COM.
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