EURJPY - Limited downside after the breakout

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EURJPY


EURJPY - Intraday - We look to Buy at 120.50 (stop at 120.10)

Price action has formed an expanding wedge formation. The medium term bias remains bullish. Bullish Outside Day posted, a pattern that often indicates the end of a bearish run and the start of a new upward bias. Inside Soldiers have been posted on the daily chart. Broken out of the channel formation to the upside. Reverse trend line support comes in at 120.29. Bespoke support is located at 120.50.

Our profit targets will be 122.10 and 122.20

Resistance: 121.15 / 122.25 / 123.80
Support: 120.50 / 120.29 / 120.00