Buy EURJPY Bullish Channel

The EUR/JPY pair on the M30 timeframe presents a potential buying opportunity due to the presence of a well-defined bullish channel pattern. This pattern suggests ongoing buying pressure and a higher likelihood of further gains in the coming minutes or hours.

Key Points:

Buy Entry: Consider entering a long position (buying) above the broken resistance level of the channel, ideally around 164.75. This offers an entry point close to the perceived shift in momentum.

Target Levels: Initial bullish targets lie at the previous resistance levels within the channel, now acting as potential support zones:
165.40: This represents the first level of resistance within the channel.
165.70: This is a further extension of the upside target, based on the height of the recent price movement before the breakout.

Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the channel, ideally around 164.50. This helps limit potential losses if the price unexpectedly reverses and breaks back downwards.

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