There is an interesting technical pattern on the EUR/JPY currency pair. At the moment, the quotes are consolidating after significant growth since the beginning of this week. The key range is 132.950-133.250. In the trading instrument, a classical figure of technical analysis Triangle (H1 timeframe) has been formed. We recommend you to pay attention to this situation.
If the price fixes above the mark of 133.250, you need to look for entry points to the market to open long positions. The movement is tending to 133.450-134.000. When tracking the position, we recommend using a trailing stop.
Alternative option. The figure of the triangle quite often acts as a reversal formation. If the price fixes below the level of 132.950, the correction of the EUR/JPY currency pair is expected. The target movement level is 132.650-132.500.
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.