Sell EURJPY Triangle Breakout

The EUR/JPY pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a triangle pattern.

Key Points:

Triangle Breakout: The price has been trading within a triangle pattern, characterized by converging trendlines. This pattern can be interpreted as a continuation of the prior trend or a potential reversal depending on the breakout direction. The recent break below the lower trendline signifies a potential confirmation of a downtrend continuation.

Sell Entry: Consider entering a short position around the current price of 163.08, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the following levels 162.33 and 161.98

Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the triangle, ideally around 163.40. This helps limit potential losses if the price reverses and breaks back upwards.

Thank you

Сделка активна:

Weak Eurozone Data: Flash Eurozone PMI data released earlier this week showed a slight contraction in manufacturing and service activity, potentially raising concerns about Eurozone economic growth. This could weaken the Euro (EUR)