EURJPY Cup and Handle Hello Traders! Let's delve into the EURJPY daily chart, where an intriguing opportunity is unfolding. The current setup illustrates a U-shaped pattern, resembling a classic cup and handle formation within an existing uptrend.
A distinctive U-shaped pattern, indicative of a cup and handle formation.
Noteworthy uptrend in the market, enhancing the validity of the pattern.
Critical Price Level:
The price is approaching a crucial breakout point at 164.308.
Anticipation of a potential retracement, possibly forming a handle, before the decisive breakout.
Scenarios to Consider:
Two likely scenarios regarding the breakout:
The price might experience a fakeout at 164.308, followed by the formation of a handle before a genuine breakout.
Alternatively, the handle formation may precede the breakout.
Implement stops strategically at the mid or below the breakout bar.
Initial target levels: 62% at 171.140 and 79% at 172.867.
Cup and handle patterns, especially on daily charts, hold significance.
Fibonacci levels, when applied, often provide robust support and resistance, potentially influencing the market for up to six months.
Keep a close eye on EURJPY as the cup and handle strategy develops. The market is showing promising signs, and potential opportunities lie ahead.
📊 Follow-Up Plan:
Look out for possible retracements or the formation of a handle.
Stay tuned for updates as the price approaches the critical breakout level at 164.308.
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Let's navigate the markets together! Happy trading, and see you on the next update!
TCPLTP
