Flag on EUR/JPY

Flag on EUR/JPY

At the end of last week, aggressive purchases of EUR/JPY were observed. The trading instrument has reached new local highs. At the moment, the EUR/JPY quotes are consolidating. The current technical pattern indicates a continuation of bullish sentiment. The classical figure of “Flag” is the confirming signal (M30 timeframe). The level of 120.900 is a local resistance. We recommend paying attention to this situation.

If the price fixes above 120.900, it is necessary to look for entry points to the market to open long positions. The closest target for profit taking is 121.100-121.300. The movement is tending to 121.450-121.700. When following positions, we recommend using a trailing stop.

by JustForex 2019.07.29

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
The Best Time to Trade USD/CAD
The US dollar and Canadian dollar form one of the most popular currency pairs. It represents a significant quota of daily trade. It's popular among both professionals and ultimate newbies.
Read more
Full Guide to Forex Trading in South Africa
Forex trading is a popular form of short-time investment and a source of additional or main income for many people all over the world. Forex trading is available in South Africa, but many potential traders just do not know how to make the first steps in this field. This full beginner’s guide explains the base of Forex and its key terms.
Read more
How to Learn Forex Trading for Beginners in 2022
We want to present a guide for beginner Forex traders that will give the main ideas on how to start Forex trading in the most effective way and how to earn on purchasing and selling currencies. Professional traders have designed the Forex trader tutorial whose extensive experience helped optimize its structure and content. It offers all the necessary information to start your trading journey in 2022.
Read more