EUR/JPY bullish This trading idea focuses on the EUR/JPY currency pair on a 45-minute timeframe. The chart highlights several key elements:
Support Level: Identified at approximately 159.887, marked by a purple horizontal line. This level has shown historical significance, providing a potential area for price bounce.
Ascending Trendline: Starting from the low in mid-December, delineated by a blue line. This trendline indicates a bullish trend, suggesting potential upward momentum.
Buy Zone: A green rectangle marks this zone, with the top at 162.014 and the bottom aligning with the support level. This area is identified as a potential entry point for long positions.
Stop-Loss Zone: Highlighted by a red rectangle below the support level, extending down to 159.149. This zone is suggested for stop-loss placement to mitigate potential losses.
The idea is to capitalize on the expected bounce off the support level, targeting a price around 162.014 while managing risk with a stop-loss below 159.887.
