EUR/JPY Ranging Constriction Prior to Breakout

Hi traders,

The EUR/JPY is trapped within a constriction pattern (rectangle and triangle) and breakout could be expected. Pay attention to levels below.

The price is trying to push above H4 BB Upper Band / D H3 Cam but at the same time, it is also close to H4 BB Middle Band / D L3 Cam pivot. A breakout above 129.05 will target 129.25. The price needs to break that level in order to proceed towards 129.40 and 129.72. A breakout below 128.30 will target 127.95 and 127.82. Only a breakout below 127.80 will target 127.03.

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Many green pips,
Nenad Kerkez aka Tarantula FX

This article was originally posted on FX Empire

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