EURJPY Sustains Range Breakout from the Symmertrical Triangle Pattern, Buy Signal

FOREXJAMES07

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On the four hour chart of EURJPY, the prices recently broke out of a consolidation formed within Symmetrical Triangle pattern. This brought the pair to break above the previous swing high just above the 126.483 handle, as bulls gained momentum in the pair. Moreover, the formation of bullish engulfing candlestick, supported bulls in the pair. Further, the uptrend in the pair is being underpinned by the formation of Golden crossover, where MA-13 moved above MA-50. Hence, traders can consider scaling into a long position towards 127.478 level. The stop loss for the trade can be kept at 126.049 level, on the lower trendline.
 

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