BUY EURJPY Bullish Channel Pattern

Feb 14

The EUR/JPY pair on the M30 timeframe displays a potential buying opportunity due to a well-defined bullish channel pattern. This pattern suggests ongoing buying pressure and a higher likelihood of further advances in the coming minutes or hours.

Key Points:

Bullish Channel: The price has been trading within an upward-sloping channel characterized by two converging lines: a rising support line and a rising resistance line. This ongoing uptrend signals continued buying pressure.

Buy Entry: Consider entering a long position around the current price of 161.50, positioned close to the channel support. This offers an entry point near a potential continuation of the upward move.

Target Levels: Initial bullish targets lie at the resistance levels of 162.02 and 162.35, marking previous resistance zones within the channel.

Stop-Loss: To manage risk, place a stop-loss order below the support line of the broken channel at 161.00. This helps limit potential losses if the price reverses and breaks back down.

Thank you

Feb 14

Trade active

JPY weakens: JPY GDP news comes in negative, it could signal a weakening Japanese economy. This could lead to investors selling JPY and buying other currencies.