EURJPY Buy analysis
- Confidence
- 70
- Entry
- 178.52
- Target
- 178.95
- Stop
- 178.20
- Published
- 2026-09-29
Summary
EURJPY shows signs of price stabilization on the 15-minute timeframe, forming a local higher low after bouncing off strong support near 178.25. A continuation toward recent local swing highs around 178.90 to 179.10 is expected if current support holds.
Trend
The short-term M15 trend experienced a strong drop from highs above 179.10 down to a trough around 178.25, representing a pull-back of approximately 0.48%. However, recent price action indicates seller exhaustion, as buyers stepped in aggressively near the 178.25 region to print higher swing lows. Price is currently trading around 178.52, recovering above immediate baseline support. The short-term bearish momentum is weakening, paving the way for a bullish correction toward 178.90 unless 178.25 is broken on a closing basis.
Patterns
A potential double bottom or rounded recovery structure is developing on the M15 timeframe. The sharp rejection wick down toward 178.25 indicates strong buying interest at lower levels. Subsequent candles are forming higher lows around 178.45, building a bullish base for an upward expansion targeting the neckline resistance near 178.70 and higher toward 178.95.
Indicators
Moving averages and traditional secondary indicators like RSI or MACD are not explicitly plotted on this chart template. Based purely on raw price action and volume wicks, strong buying absorption occurred near 178.25, with candle wicks rejection below 178.40. Current price at 178.52 is stabilizing above the immediate intraday pivot zone.
Strategy
Consider maintaining or opening a long position near current levels around 178.52. Place a strict stop loss below the recent spike low at 178.20 to protect against downside breaks. Set a primary take-profit target at 178.95 near previous consolidation resistance, offering a solid risk-to-reward ratio of over 1:1.3.
For reference only, not investment advice. Trading decisions are your own.