EUR/JPY Buy from Pivot LineEntry:
Buy at Pivot Point (P) – 158.805
Stop Loss:
Below support level S1 – 158.023
Take Profit:
Near resistance level R1 – 161.561
Rationale:
Price is currently testing the pivot level, a common area for a bounce.
If the price holds above the pivot, it suggests bullish momentum.
Aiming for the next resistance level (R1) as a profit target.
Tight stop below S1 ensures minimal loss if the price breaks lower.
Risk-to-Reward Ratio:
Approx. 1:3, making it a favorable setup.
Extra Confirmation:
Look for bullish candlestick patterns or price rejection at the pivot level.
Monitor volume increase to support the upward move.