FX & CFD trading involves significant risk
As we can see on 4h time frame chart on EUR/JPY, as soon as the price hit new highs there was a correction of the previous movement and that correction become the price indecisive (it has been consolidating).
We also can see that even with the fake breakout from a relatively large trend line which may indicate that once the price breaks the consolidation zone above, we can expect the formation of a new maximum.
Our suggestion is to wait for the breakout above consolidation line at 132.91 and put stops below consolidation in order to give margin for price moves and take profit slightly above the previous high or for the more conservative, at the same level as the previous high price.
Resistance 3: $ 1305 (October 16 high)
Resistance 2: $ 1301 (high of the US session on October 16)
Resistance 1: $ 1,290 (high of the US session on October 17)
Current price: $ 1286
Support 1: $ 1279-81 (October 9-17 lows)
Support 2: $ 1271 (low of the US session on October 6)
Support 3: $ 1260 (October 6 low)
Resistance 3: ₣ 0.9885 (high of the American session on May 16)
Resistance 2: ₣ 0.9830-35 (October 6 highs)
Resistance 1: ₣ 0.9805 (October 17 high)
Current price: ₣ 0.9778
Support 1: ₣ 0.9765 (low of the European session on October 17, MA 200 H1)
Support 2: ₣ 0.9730 (October 16 low)
Support 3: ₣ 0.9705 (October 13 low)
Resistance 3: $ 1.1845 (high of the US session on October 13)
Resistance 2: $ 1.1820 (October 16 high)
Resistance 1: $ 1.1785 (high of the European session on October 17, MA 200 H1)
Current price: $ 1.1770
Support 1: $ 1.1725-35 (October 9 and 17 lows)
Support 2: $ 1.1685 (low of the US session on October 6)
Support 3: $ 1.1660 (August 17 low)
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