EUR/JPY Breakout Of Consolidation

Price could be moving out of a 7-day trend channel and if price do break above this channel, price is likely to move higher to 121.05. MACD has turning bullish and is moving higher. Stochastic is also moving higher towards the overbought extreme. 20EMA is also starting to turn bullish. Watch the breakout at 120.45.

We had highlighted this trade at the London opening today. While price has moved higher, the breakout is not very strong. Price is now back to the breakout level. We would suggest keeping stop at 119.85 and profit target at 121.05 and evaluate tomorrow.

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