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🟢Forex Pair:
EUR/JPY
⚪Technical Analysis:
On the 16th of February 2021, the price got a strong rejection on the level at about 128.460, and since that moment, it has been creating an interesting symmetrical triangle pattern, few rejections on its dynamic lines are a confirmation of the validity of this pattern.
Also the EMA 200 is definitely working well, rejecting the price on every attempt to break through that.
Moreover, in the daily perspective, the RSI with 20 period is slowly increasing its value.
🔴Conclusion:
The market is definitely bullish, the symmetrical triangle pattern could definitely be only a temporary consolidation before a trend continuation.
I'm confident then, to see the price growing more breaking the pattern and reaching the resistance level at about 128.600/12.800.
I'll be waiting for a bullish breakout of the triangle and the S/R zone at about 128.000 before planning my long position on this trade.
Right now, my hypothetical entry point would the level 128.100, just above the dynamic resistance line;
The take profit would be at the level at about 128.890, as projection of the pattern and weekly resistance around that level.
The stop loss needs to be defined in a better way, I need to see the price action around the current level but at the moment, I placed it at the level at about 127.590, just below the main support and the last low created by the price.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/JPY
⚪Technical Analysis:
On the 16th of February 2021, the price got a strong rejection on the level at about 128.460, and since that moment, it has been creating an interesting symmetrical triangle pattern, few rejections on its dynamic lines are a confirmation of the validity of this pattern.
Also the EMA 200 is definitely working well, rejecting the price on every attempt to break through that.
Moreover, in the daily perspective, the RSI with 20 period is slowly increasing its value.
🔴Conclusion:
The market is definitely bullish, the symmetrical triangle pattern could definitely be only a temporary consolidation before a trend continuation.
I'm confident then, to see the price growing more breaking the pattern and reaching the resistance level at about 128.600/12.800.
I'll be waiting for a bullish breakout of the triangle and the S/R zone at about 128.000 before planning my long position on this trade.
Right now, my hypothetical entry point would the level 128.100, just above the dynamic resistance line;
The take profit would be at the level at about 128.890, as projection of the pattern and weekly resistance around that level.
The stop loss needs to be defined in a better way, I need to see the price action around the current level but at the moment, I placed it at the level at about 127.590, just below the main support and the last low created by the price.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
