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🟢Forex Pair: EUR/JPY
⚪Technical Analysis: Since the end of January 2021, the price has been following an interesting uptrend, bouncing many times on its trendline. On the 29th of January the price broke through the strong S/R zone at about 126.500, pushing up after a quick re-test during the beginning of February. A strong bullish candle was absolutely an interesting entry point as a comfirmation of a new uptrend. Today the price broke the resistance zone at about 127.500 and it is currenly consolitading.
🔴Conclusion: Considering the daily time frame, I can see that the market is following a strong uptrend and after this strong impulse, there is a possibility to see a short retracement. I'm not sure if it would be a market reversal, but on this pair, I'll be waiting for a re-test of the S/R zone at 127.500 before planning my new long position on this trade.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️