Outside Bar on EUR/JPY

Outside Bar on EUR/JPY

Price Action signals the further recovery of the EUR/JPY currency pair after a significant drop in October-December 2018. A classic “Outside Bar” pattern (D1 timeframe), which indicates the bullish sentiment, has been formed near the key demand zone of 123.500-124.500. At the moment, the EUR/JPY quotes are testing the round level of 126.000. We recommend paying attention to the current technical pattern.

If the price fixes above 126.000, one should consider buying EUR/JPY. In the medium term, the trading instrument may reach the “mirror” resistance level of 127.500. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustForex, 2019.02.04

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.

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