Good Morning Traders,
Trust you are good.
Below is my analysis of the EURJPY pair.
Overview
Price is currently at 161.243, showing signs of a bullish rebound following a sharp drop. A clear bullish structure is forming, characterized by higher lows and a breakout from a recent consolidation zone. The demand zone between 160.900 and 161.100 has held strong, acting as a reliable support level.
Idea
A recent bullish impulse broke above minor resistance, followed by a healthy retracement into the demand zone—shaping a potential bullish flag or continuation pattern. This retracement aligns with the 50% Fibonacci level, providing added confluence for a continuation to the upside.
The projected target is 164.174, a level likely to contain buy-side liquidity and act as a magnet for price in the short term.
Conclusion
Despite macro uncertainty due to ongoing trade tensions, recent news of a 90-day tariff pause from Trump has eased some pressure, allowing the EUR to show resilience. As a result, EUR/JPY may continue its bullish push toward the 164.174 target. However, a break below 160.245 would invalidate this outlook.
Cheers and happy trading!
Trust you are good.
Below is my analysis of the EURJPY pair.
Overview
Price is currently at 161.243, showing signs of a bullish rebound following a sharp drop. A clear bullish structure is forming, characterized by higher lows and a breakout from a recent consolidation zone. The demand zone between 160.900 and 161.100 has held strong, acting as a reliable support level.
Idea
A recent bullish impulse broke above minor resistance, followed by a healthy retracement into the demand zone—shaping a potential bullish flag or continuation pattern. This retracement aligns with the 50% Fibonacci level, providing added confluence for a continuation to the upside.
The projected target is 164.174, a level likely to contain buy-side liquidity and act as a magnet for price in the short term.
Conclusion
Despite macro uncertainty due to ongoing trade tensions, recent news of a 90-day tariff pause from Trump has eased some pressure, allowing the EUR to show resilience. As a result, EUR/JPY may continue its bullish push toward the 164.174 target. However, a break below 160.245 would invalidate this outlook.
Cheers and happy trading!
Trade active
Since this analysis was posted, EURJP has move +140pips in the projected direction. I will be looking for a significant change or continuation of the move on Monday during the New York session.
Trade closed: target reached
After about 2 weeks, the support zone held and EURJPY has so far done over +240pips.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.