Flag on EUR/JPY

Flag on EUR/JPY

At the end of last week, aggressive purchases of EUR/JPY were observed. The trading instrument has reached new local highs. At the moment, the EUR/JPY quotes are consolidating. The current technical pattern indicates a continuation of bullish sentiment. The classical figure of “Flag” is the confirming signal (M30 timeframe). The level of 120.900 is a local resistance. We recommend paying attention to this situation.

If the price fixes above 120.900, it is necessary to look for entry points to the market to open long positions. The closest target for profit taking is 121.100-121.300. The movement is tending to 121.450-121.700. When following positions, we recommend using a trailing stop.

by JustForex 2019.07.29

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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