Outside Bar on EUR/JPY

Outside Bar on EUR/JPY

The current technical pattern indicates a possible correction of the EUR/JPY currency pair after a fairly long fall. Near the "mirror" support of 129.650, a classic pattern of the Price Action "Outside Bar" (H1 timeframe) has been formed, which is acting as a reversal formation at the moment. The price is testing a round level of 130.000. We recommend you to pay attention to this situation.

If the price fixes above the level of 130.000, it is necessary to consider buying EUR/JPY. The closest target for fixing profit is the resistance level of 130.500. In the medium term, EUR/JPY may reach 131.000-131.250. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.05.09

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
Social Trading: What Is It and How To Make Money Using It
Since the trading migrated online, the traders have been communicating on the online forums and other special services. Some traders teach their less experienced peers how to earn on trading, mitigate related risks, and build their careers in trading. This trend is known as social trading.
Read more
Copy Trading: Important Risks and Advantages to Take into Consideration
Trading stock is the first thing that comes to mind when the word 'trading' is uttered. Even today, with crypto and forex markets aflutter, stocks are as lucrative as ever. You can keep them for years as a portfolio, building your wealth gradually, or try some risky market gambling for quicker profits. So, if you are interested in this solid and ‘aristocratic’ kind of assets, read this guide on how to perform stock trading in South Africa and when to do it for maximum effect.
Read more
The Best Time to Trade Stocks In South Africa And A Glimpse Into The World Of Global Stock Exchanges
Trading stock is the first thing that comes to mind when the word 'trading' is uttered. Even today, with crypto and forex markets aflutter, stocks are as lucrative as ever. You can keep them for years as a portfolio, building your wealth gradually, or try some risky market gambling for quicker profits. So, if you are interested in this solid and 'aristocratic' kind of assets, read this guide on how to perform stock trading in South Africa and when to do it for maximum effect.
Read more