EURJPY Breaks Two Key Resistances
12 April 2023
One of the clearest moves in the market can be seen on the Japanese Yen, which is visibly weaker against all its peers. In some cases, this brings us proper trading opportunities backed by technical analysis. One of those examples is present on the EURJPY - our technical hero for today.
The black lines on the chart represent the symmetrical triangle pattern, which was with us for almost a year. However, it finally came to an end on Monday with a positive outcome for buyers as the price managed to break the upper line of this formation. This breakout theoretically marks the start of a new bullish wave. This optimism is further confirmed by the breakout of the highs from February and March, labeled with the orange color.
At the same time, EURJPY managed to break a key horizontal and dynamic resistance, which is a display of strength and an invitation to go long. The buy signal will remain as long as the price remains above these two supports. The chances for EURJPY to reach the tops from October and make new long-term highs are very high.