📈 EUR/JPY – Bullish Breakout in Progress (1H Timeframe)
🔍 Technical Outlook: EUR/JPY has broken out of an descending channel to the upside, confirming bullish momentum on the 1-hour chart. The breakout occurred from a key support zone at 171.000, signaling continued strength in the trend.
💼 Buy Setup:
Entry Zone: 171.000 (Breakout and retest level)
Trend Structure: Bullish breakout above channel resistance
Support: 171.000 – Holding as key structure support post-breakout
🎯 Upside Targets (Resistance Levels):
172.300: Immediate resistance – short-term profit target
173.600: Major resistance zone – extended bullish target
📌 Technical Highlights:
Clean breakout from descending channel
Support holding at 171.000 confirms trend continuation
Strong momentum on breakout volume
⚠️ Invalidation Level:
A sustained drop below 171.000 would invalidate the breakout and suggest a potential return inside the channel.
📈 Forecast Summary: EUR/JPY continues to favor the bulls after a confirmed breakout from the descending channel. As long as price holds above 171.000, upside targets remain in focus at 172.300 and 173.600.
🔐 Risk Management Reminder: Use proper SL placement and manage risk based on your trading plan. Look for confirmation on retest if not already in position.
🔍 Technical Outlook: EUR/JPY has broken out of an descending channel to the upside, confirming bullish momentum on the 1-hour chart. The breakout occurred from a key support zone at 171.000, signaling continued strength in the trend.
💼 Buy Setup:
Entry Zone: 171.000 (Breakout and retest level)
Trend Structure: Bullish breakout above channel resistance
Support: 171.000 – Holding as key structure support post-breakout
🎯 Upside Targets (Resistance Levels):
172.300: Immediate resistance – short-term profit target
173.600: Major resistance zone – extended bullish target
📌 Technical Highlights:
Clean breakout from descending channel
Support holding at 171.000 confirms trend continuation
Strong momentum on breakout volume
⚠️ Invalidation Level:
A sustained drop below 171.000 would invalidate the breakout and suggest a potential return inside the channel.
📈 Forecast Summary: EUR/JPY continues to favor the bulls after a confirmed breakout from the descending channel. As long as price holds above 171.000, upside targets remain in focus at 172.300 and 173.600.
🔐 Risk Management Reminder: Use proper SL placement and manage risk based on your trading plan. Look for confirmation on retest if not already in position.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.