EUR/JPY

EUR/JPY Structural Breakout Will Determing the Next TP

The EUR/JPY has formed a structure which look like a bullish wedge, but we need to pay attention to the direction of the breakout.

131.35 breakout should be targeting 131.65 as the first target. Further continuation up, with a positive momentum should target 132.02-132.20 zone. However if something happens and the bullish wedge fails to provide the breakout to the upside watch 130.87 level. Below, a bearish breakout will happen towards the 130.63 and 130.50 zone.

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Cheers and safe trading,

Nenad

 

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.