EUR/JPY has been bullish on the daily chart. Yesterday’s daily candle came out as a bullish candle having a tiny upper shadow. The H1 chart shows that the price made a bullish breakout at traded above the breakout level for several hours. The price seems to have a bearish correction. If the breakout level produces a bullish H1 reversal candle, the buyers may get an opportunity to go long in the pair.
Chart 1 EUR/JPY H1 Chart
The H1 chart shows that the price made a breakout at 123.865. The price seems to have found its resistance 124.335. The level produces bearish engulfing candle. However, if the price comes at the breakout level and produces a bullish reversal candle, the buyers may go long in the pair above 124.200. The daily chart suggests that the price may make a long journey towards the North. Thus, the buyers may consider taking a partial profit and let the rest of the trade run at take profit level.
Trade Summary:
Entry: Buy above 124.200
Stop Loss: Below 123.865
Take Profit 1: 124.600
Take Profit 2: 124.700
Take Profit 3: 125.000