EURJPY has bounced off its major support at 130.96 (50% Fibonacci retracement, horizontal swing low support, 100% Fibonacci extension). A strong reaction could occur at this level pushing price up to our next major resistance at 131.89 (horizontal overlap resistance, 61.8% Fibonacci retracement). A breakout of its short term ascending pullback resistance line would provide a further bullish confirmation.
RSI (89) is also testing its major support at 48% and a bounce off this level would be a good precursor for a potential rise in price.
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RSI (89) is also testing its major support at 48% and a bounce off this level would be a good precursor for a potential rise 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