Forex Chart Of the Day: EURJPY Breakout Trade Idea

The price of EURJPY could be forming a breakout opportunity on the H4 time frame. Will this see price trade lower?

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EURJPY Analysis

The price of EURJPY has been in a long term upward trend from the beginning of 2020. This has seen the price reach a key highs of 148.00 which had formed in 2014. Price is currently rejecting these highs which could see the price trade lower in the short term.

The weekly time frame highlights the upward trend the price was in as it formed a bullish channel. Within this the daily chart formed a pullback phase after the price tested the 148.00 highs. This can be seen in the daily bearish channel with the price recently rejecting the channel trendline highs. 

On our H4 Chart or our trading time frame we can see the price rejecting the highs of the channel as well as breakout out of the counter trend trendline and overall market pattern. This could be an opportunity for traders wanting to be short to get short. Targets will be the previous swing lows which currently sit at 142.75.

Did you see our GOLD Analysis? You can see it here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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