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EUR/JPY: Bullish breakout, the buyers are on their toes


EUR/JPY produced a bullish candle in the daily chart yesterday. The H1 chart shows that the price made a bullish breakout at yesterday’s highest high and traded above the level for several candles. The price may have found its resistance. It may come down for a bearish correction. If the breakout level produces a bullish reversal candle, the buyers may get an opportunity to go long in the pair.

Chart 1 EUR/JPY H1 Chart

The chart shows that the price made a bullish breakout at the level of 125.500. As of writing, the price has been bearish in the last candle. If the price heads towards the South, it may find its support around the level of 125.500. The buyers are to wait for the price to produce a bullish reversal candle at the level to offer them a long entry above the level of 125.640. The H4 and the Daily chart suggest that the price has enough space to travel towards the South. It may attract more buyers to go long, and it may create good buying pressure.

Trade Summary:

Entry: Buy above 125.640

Stop Loss: Below 125.500

Take Profit 1: 126.045

Take Profit 2: 126.200

Take Profit 3: 126.390

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