EUR/JPY Trades Symmetric Triangle Pattern - Watchout Trade Setup!

EagleFX Team EagleFX

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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