Is EURJPY pair up for a breakout?

By cryptoph | Trader's Reflections | 3 Jan 2021


 

 

EURJPY Daily ChartThis chart of EURJPY shows that it is on an uptrend since November 2020 and reached resistance at 126.90.  I like to trade this kind of trending pair especially when I see consolidation approaching resistance. I see this as building energy before potential breakout.  I believe there will be a breakout in the following days but I think the best area to go long on this is at 126.08 because this is the support area of the 20 candlesticks which are consolidating.  Furthermore, there is still a room for the price to go down because the RSI is pointing downward.  I think I will set my target price 127.91 which is the 100% of the Fibonacci Expansion tool.  

Let's see if my forecast will come true in the following days.

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Trader's Reflections
Trader's Reflections

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