EURJPY Resistance Break

Dec 1, 2019

Hi guys, here is my analysis about EURJPY.

At the moment the price is building up just under the resistance.
It make price looks like ready to broke the resistance up.

But if it wont happen?

By my point of view, before the resistance break, the price can still retrace to the trendline and after go break the resistance.

To recap I have got two setup:

• Long when the resistance get broken.
  Wait for a confirmation candle like a powerbar or wait for a retest.
  The take profit is at the resistance at 121.270 (you can use this setup also if the price retrace to the trendline before the break);
  
  
• Long when the price make a trend inversion candlestick pattern (doji, bullish engulfing) near the trendline.
  TP1 is at the resistance at 120.575 and TP2 is at the resistance at 121.270.