The EUR/JPY pair on the M30 timeframe presents a potential buying opportunity due to the presence of a well-defined bullish channel pattern. This pattern suggests ongoing buying pressure and a higher likelihood of further gains in the coming minutes or hours.
Key Points:
Buy Entry: Consider entering a long position (buying) above the broken resistance level of the channel, ideally around 164.75. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bullish targets lie at the previous resistance levels within the channel, now acting as potential support zones:
165.40: This represents the first level of resistance within the channel.
165.70: This is a further extension of the upside target, based on the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the channel, ideally around 164.50. This helps limit potential losses if the price unexpectedly reverses and breaks back downwards.
Thank you
Key Points:
Buy Entry: Consider entering a long position (buying) above the broken resistance level of the channel, ideally around 164.75. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bullish targets lie at the previous resistance levels within the channel, now acting as potential support zones:
165.40: This represents the first level of resistance within the channel.
165.70: This is a further extension of the upside target, based on the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the channel, ideally around 164.50. This helps limit potential losses if the price unexpectedly reverses and breaks back downwards.
Thank you
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