EURJPY is approaching our first resistance at 133.04 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 130.02 (horizontal swing low support, 76.4% Fibonacci retracement). A breakout below our intermediate support level at 131.78 (horizontal overlap support, 61.8% Fibonacci extension) might provide the bearish acceleration to our major support level.
Stochastic (89,5,3) is also approaching our major resistance and is seeing a short squeeze. A reaction off this level and breakout below our short term ascending support line might be a good precursor for a potential drop in price.
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Stochastic (89,5,3) is also approaching our major resistance and is seeing a short squeeze. A reaction off this level and breakout below our short term ascending support line might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results