EURJPY has recently formed a bullish engulfing candlestick breaking through a very significant resistance level, also seen as a flag, or an ascending triangle, or trend-line break-out. Price broke through this significant resistance level which has been tested and now re-tested a total of 11 times in the past month. Price has also pulled back perfectly, re-testing and bouncing off of the top trend-line. This presents a perfect, low-risk entry opportunity with the SL set above the bullish engulfing lows, and the TP set just below the next major resistance level. RSI is also not over-bought anymore which shows that there is much more possible room to the upside in the near future.
