EUR/JPY Bulls Seeking Signal as Price Clings to Support
EUR/JPY is teetering above known support, but with momentum favouring the bears, there’s no need to rush into longs.
If the pair continues find buyers on dips below 156.21, a long trade could be considered above the level with a stop beneath for protection. 158 looms as an initial target, with 159 and 161 other levels to watch.
The preference is to wait for a bottoming signal before entering, similar to the morning star patterns seen in December and early February. RSI (14) and MACD remain firmly bearish, reinforcing the need for patience given the setup is counter to momentum.
A convincing break below 156.21 would invalidate the setup, opening the door for shorts targeting a retest of 154.41.
Good luck!
DS
If the pair continues find buyers on dips below 156.21, a long trade could be considered above the level with a stop beneath for protection. 158 looms as an initial target, with 159 and 161 other levels to watch.
The preference is to wait for a bottoming signal before entering, similar to the morning star patterns seen in December and early February. RSI (14) and MACD remain firmly bearish, reinforcing the need for patience given the setup is counter to momentum.
A convincing break below 156.21 would invalidate the setup, opening the door for shorts targeting a retest of 154.41.
Good luck!
DS
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