Daily Price Action
Shares

EURJPY Halfway to Its Near-Term Target of 128.30

Shares

On November 30th, I wrote about a pending bullish breakout from EURJPY.

At the time, the pair was trading at 124.64.

Fast forward to today, and EURJPY is up 170 pips.

The pair has also broken above the 125 handle.

The market also appears to have closed the week above the trend line that extends from the 2014 high.

EURJPY weekly time frame showing key trend line
EURJPY weekly time frame

The trend line above is the same one I mentioned in my November 30th commentary.

If the pair did break that trend line on a weekly closing basis, expect much higher prices for the EURJPY.

However, buyers face a key test between 126.80 and 127.00.

That region has been critical resistance since March of last year.

It’s going to take a daily close (using New York close charts) to confirm the break above 127.00 and open the door to 128.30.

But even if the pair falls back below 126.00, it wouldn’t be the end for buyers.

The December 1st rally was more than just a 150 pip single session move.

That close confirmed the inverse head and shoulders continuation pattern that I mentioned to Daily Price Action members last week.

The measured objective of that structure is near 128.30, which tells me EURJPY could have at least another 180 pips of upside potential.

My gut tells me it goes even higher than that as we head into 2021.

Want to Watch the EURJPY Video I Just Released to Members?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in December!

EURJPY inverse head and shoulders on the daily chart
EURJPY daily time frame

Leave a Comment:

22 comments
Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 3,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in December!

Reply
Martin Njeru says

Good job man…………i hold a buy on this air together with its sister CHFJY Aud usd i have a buy sto on thursday high. That inside bar cou;d have broken lower to con sellers..I am rofitable coz of God and your contribution.Tonight i will remember your family esecially your daughter

Reply
    Justin Bennett says

    I don’t have a daughter, but other than that, it sounds great.

    Reply
Chinenye says

Good analysis, Your attention to details always keep me coming to your site always. Your analysis has made keep to an eagle eye on some favourite pairs.
Thanks for sharing your thoughts.

Reply
    Justin Bennett says

    You’re welcome. Glad to know you’re finding the site helpful.

    Reply
antanas simaitis says

Hi thanks for good analysis i have bought on 124.415 week ago.

Reply
    Justin Bennett says

    Anytime! Nice entry.

    Reply
Masoud402 says

Thanks for sharing

Reply
ali says

thanks for the update.

Reply
    Justin Bennett says

    You’re welcome.

    Reply
muzammil says

thanks for your sharing i always see your analysis…for making good profit

Reply
Minh Nguyen says

Thank you, Justin Bennet!
Good health!

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Sue says

Thanks for the powerful insights on what the price action and structure are telling us.

Reply
    Justin Bennett says

    You’re welcome, Sue.

    Reply
christian ali says

excellent analysis as always you do bro

Reply
    Justin Bennett says

    Cheers. I appreciate that.

    Reply
Brendan says

Nice analysis Justin
Have you got a Telegram group too?

Reply
Add Your Reply