Technical Analysis:
Price Action and Chart Patterns:
Current Uptrend: The EUR/JPY pair has been in an uptrend, consistently making higher highs and higher lows.
Support and Resistance Levels: The pair is approaching a critical resistance level
Conclusion: The EUR/JPY pair is well-positioned for a potential bullish continuation, supported by strong technical indicators and favorable fundamental conditions. Key resistance levels, moving averages, and positive Eurozone data all point towards sustained upward momentum. Traders should watch for a breakout above the 145.50 resistance level to confirm the bullish trend.
Recommendations:
- Entry Point: Consider entering long positions if the pair breaks and holds above the 145.50 resistance level.
- Stop Loss: Set a stop loss below the recent low at 143.00 to manage risk.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider their risk tolerance before making any trading decisions.