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EURJPY Long Opportunity

EURJPY is moving closer to its 100 MA in weekly chart and it keeps touching and then rejecting, but if you check the bigger picture you will see there is a triangle, and the previous week candle was actually a rejection candle from the lower boundary of that triangle:

EURJPY Weekly Triangle

And yes it was a bullish inside bar, but there is an issue and its the weak momentum of price toward the upside.

There was another rejection from the lower boundary of the triangle and that attempt failed:

EURJPY Weekly Triangle Rejection

Now bulls are pushing again and if they succeed they will be able to push the price toward upper boundary of the triangle or even break it.

If we long from here we can set our target on one of this three levels:

EURJPY Weekly Targets

Choose the one the best suits you, the higher we go the lower will be the probability.

 

Ahmad Noman Musleh
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