EUR/JPY: Bullish trendline break

On the daily chart, there is a clear break of a downtrend line with a confirmed weekly close above it - unlike during the liquidity grab where the price broke higher but then closed the week under the trendline.

This broken trendline and Friday’s low at 161 is now support. Should the price be able to break above the August peak, a next possible upside target is 167.5 (the 61.8% Fibonacci retracement of July-August drop.

But that’s just what we think, do you agree or disagree?

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Happy Trading!
Jasper, WeTrade Market Analyst and Founder of Trading Writers.