MM's daily technical analysis- 24.09.2021 Long EURJPYHi traders,
As we have witnessed in the past few days, EURJPY retested resistance area 127.90-128.00 and encountered strong pushback pulling its price back to the 129.70.
The strong upward momentum on the 23th of Sep creates a double bottom pattern for EURJPY and it is highly likely the end of a short term downward trend.
My own trading system Clam has given a long signal so a trading idea has now established(live) to go long on EURJPY.
It is possible for EURJPY to encounter resistance around 130.760 area and in that case, EURJPY may follow a channel pattern. In such circumstance profit may be cut earlier,
but under current situation our TP is still set on 133.90 and further adjustment may be applied based on further market observation.
OP: 129.638 TP: 133.90 SL: 127.890 RR: 2.55
