EUR/JPY Forex Analysis and Forex Signal

We are currently in a consolidation period for the EUR/JPY on the D1 timeframe. Price is at a strong support level at this point.

What others are predicting

We see multiple different traders’ analysis predicting:

120.786 short
121.000 long
Bullish entry on the 1MN timeframe for the EURJPY
 price is in a bear flag 
one more time up to create an double top or an third touch to finish the bear flag before another impulse down

Here are my thoughts!

Price is nearing the RSI 30 line

Price has reached a major support level on the MN and D1 timeframes.

If price breaks the 120.270 support and the daily candle body holds below after full formation, then we will enter a short for the continuation of the trend.

If price holds at or above the major support level of 120.270, then we have an opportune entry for a long position.

Our target range for the long position is: 121.270 – 123.270

Our target range for the short position is: 118.670 – 115.045

Cheers to another successful week!

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