EURJPY is approaching our first resistance at 131.62 (horizontal swing high resistance) which coincides with our short term descending resistance line. A strong reaction might occur below this level, pushing price down to our major support at 130.84 (horizontal pullback support, 50% Fibonacci retracement, 61.8% Fibonacci extension) which coincides with our short term ascending support line. A breakout of our intermediate support level at 131.09 (horizontal swing low support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (55,5,3) is also reacting off our major resistance level along with a bearish divergence being seen, which might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (55,5,3) is also reacting off our major resistance level along with a bearish divergence being seen, which might be a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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