EUR/JPY after breaking above the daily resistance and reaching the 143.500 resistance level has tested the 0.5 Fibonacci level and retested the resistance level, a potential strategy would be to wait for a break above the resistance level to confirm the bullish momentum.
Once the price breaks above the resistance level, the trader could set a long order with a stop loss according to the MTB strategy.
The target profit level could be set at the next major resistance level or a round number level such as 145.00. Alternatively, the trader could use a trailing stop to capture as much profit as possible as the price continues to move higher.
It is important to note that technical analysis is not a guaranteed predictor of future price movements, and traders should always use proper risk management strategies to protect their capital.
Once the price breaks above the resistance level, the trader could set a long order with a stop loss according to the MTB strategy.
The target profit level could be set at the next major resistance level or a round number level such as 145.00. Alternatively, the trader could use a trailing stop to capture as much profit as possible as the price continues to move higher.
It is important to note that technical analysis is not a guaranteed predictor of future price movements, and traders should always use proper risk management strategies to protect their capital.
Commentaire:
slowly breaking the resistance in a bullish price action
