Potential Breakout Play on EUR/JPY

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EUR/JPY: 1 hour

EUR/JPY: 1 hour

 

EUR/JPY has been making lower highs and higher lows, forming what looks like a symmetrical triangle on the hourly time frame. The chart pattern is neither considered bullish nor bearish, that is, as long as the pair is trading inside the triangle.

If you want to trade the pair, you can perhaps look to the euro zone CPI report as a potential catalyst for a breakout. A close above the trendline and yesterday’s high could lead to a rally up to  137.50 while a break below the bottom trendline could spell a deeper sell-off for the euro!

To contact the reporter of this story: Jonathan Millet at john@forexminute.com

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