Triangle on EUR/JPY

Triangle on EUR/JPY

Since the beginning of this week, the bullish sentiment prevails on the EUR/JPY currency pair. During this period, the growth of quotes exceeded 150 points. The current technical pattern indicates the further growth of EUR/JPY. A classic figure of the technical analysis "Triangle" (timeframe M30) was formed in the trading instrument, which quite often is a continuation of the current trend. The nearest resistance is 113.650. We recommend you to pay attention to this situation.

If the price fixes above the level of 133.650, one should look for entry points to the market to open long positions. The target movement level is 134.250-134.500. When tracking the position, we recommend using a trailing stop. Confirmations and entry points to the market should be looked for on the lower timeframes.

by JustForex, 2017.11.15

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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.