I had been watching this pair for a few days waiting to see if it wanted to go short or break to the upside. It took a strong swing UP after being in consolidation for over a week. It should go to the 116-117.00 level. from here.
EURJPY recently broke a long term outer trendline. Price reached a new higher high before retracing down to find support at a previous swing high resistance, channel, 61.8% Fibonacci retracement and 50 EMA. Looking for price to move to the first major resistance ~114.0
At this point we are going to buy after european session starts and keep this position up to take profit or stop loss.
These long opportunities are good, but anyway we should be able to act if the situation turns back. That’s why we have two plans:
Plan A: we buy today and keep it up to 119,100 or another point where the price shows us that long isn’t appropriate...
A short term buy setup,current price approached the trend line and bounced back.
Looking to buy next week as setup above.
Note:This is just my own analysis, please do analyse and trade at your own risk.