Facts:
The pair bounced off the support zone at 172.90
EUR/JPY broke above the upper limit of triangle formation from H4 interval
Recommendation:
Trade: Long position on EURJPY at market price
Target: 173.80, 174.27
Stop: 172.72
Opinion: Looking at the EURJPY at H4 interval one can see that the pair broke above the upper limit of triangle formation, signaling a potential resumption of the upward trend. In addition EURJPY broke higher the horizontal resistance at 172.90, which acts as a support for now. According to the classic of technical analysis, as long as the price sits above aforementioned support, one may expect the price to continue to rise. We recommend going long EURJPY at market price with two targets: 173.80 and 174.27 We also recommend placing a stop loss order at 172.72. Source: xStation5
