Outside Bar on EUR/JPY

Outside Bar on EUR/JPY

Price Action signals the recovery of the EUR/JPY currency pair after a protracted consolidation. A classic "Outside Bar" pattern (H4 timeframe), which currently acts as a reversal formation, has been formed near the key demand zone of 127.500-127.750. The EUR/JPY quotes are testing the local resistance of 128.400. We recommend paying attention to this situation.

If the price fixes above 128.400, one should consider buying EUR/JPY. The immediate goal for profit taking is the offer zone of 129.000-129.300. In the medium term, the EUR/JPY currency pair may reach 130.000-130.500. When tracking positions, we recommend using a trailing stop.

by JMarkets, 2018.12.20

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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