FX.co ★ jerome82 | EUR/JPY

On the weekly chart of EUR/JPY, after a slight pullback to the south, the price reversed and was pushed to the north by a strong bullish impulse, resulting in the formation of a full north candle that easily closed above the resistance level marked at 165.355. Next week, I fully consider the possibility of a continuation towards the next northern target, and in this case, as I have mentioned before, I plan to focus on holding the resistance level located at 169.968. Near this resistance level, two scenarios may unfold. The first scenario involves the price consolidating above this level and further moving north. If this plan is executed, I will expect the price to move towards the resistance level at 174.740. Around this resistance level, I will anticipate the formation of a trading setup to determine the next trading direction. Of course, I acknowledge that during the movement towards the designated further northern target, there may be southern pullbacks, which I plan to use to search for bullish signals from nearby support levels, expecting a resumption of growth within the overall northern trend. An alternative scenario for price movement when approaching the resistance level at 169.968 would be a plan involving the formation of a reversal candle and a resumption of downward price movement. If this plan is executed, I will wait for the price to return to the support level at 165.355 or the support level at 165.174. Near these support levels, I will continue to search for bullish signals, expecting a resumption of upward price movement. Of course, there is a possibility of targeting a more distant southern goal, but I am not considering it at the moment as I do not see the prospects for its quick realization. In short, next week, I consider the local possibility of the price continuing to move north and heading towards the nearest resistance level, adjusting my actions based on the market situation.