EUR/JPY Trades Symmetric Triangle Pattern - Watchout Trade Setup!
|The EUR/JPY is trading at 120.790 after placing a high of 120.880 and low of 120.550. Overall the movement of EUR/JPY remained bullish during the day.
The pair EUR/JPY fell dramatically on Tuesday after President Donald Trump said that trade deal between China & the US could be delayed until after November 2020 US Elections.
This news resulted in the increased demand for riskier assets like EUR/JPY in the market and moved the pair in a bearish trend. However, the upward movement in Japanese yen remained under pressure due to weak macroeconomic data from the United States that day.
The EUR/JPY continues to trade below the resistance level of 121.00. The pair is trading in a symmetric triangle pattern which is supporting the EUR/JPY around 120.500. The 50 periods EMA is extending bullish bias as candles closing above and below this level.
On the 240 minutes chart, the EUR/JPY has concluded several doji and spinning top patterns around 120.750 resistance zone, which are recommending selling bias in EUR/JPY. The bullish breakout of 121 can extend further buying until 121.400 level.
EUR/JPY – Trade Setup
Sell Limit 121
Take Profit 120.600
Stop Loss 121.25
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