11.11.201923:25 Forex Analysis & Reviews: EURJPY is forming a bullish flag pattern

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURJPY has trading inside a sideways range since mid-October, digesting the sharp rise from 117 to 121 in the first half of October. This price action has formed a bullish flag pattern that could give us a target of 124 if resistance at 121.20 is broken upwards.

Green lines - bullish flag pattern

EURJPY is moving in a sideways trading range and now we find this pair at the lower end of the range. This might be a good opportunity to buy looking for at least a bounce towards 120.80-121. Resistance is important around 121.20 and as long as price is below that level bulls do not control the trend. Bulls need to bounce now and push price above 121.20 in order enable this bullish flag formation.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.