EURJPY : Rejected a move lower on Monday
EURJPY appeared to have rejected a move lower on Monday as it traded at 159.58. The sell-off can be understood as a stop-loss order rather than an emerging bear market. In any case, the ascending trend line remains intact and a short-term range trading pattern appears to be in play.
Support may lie in the 156.60 - 157.00 area ahead of the trend line, currently near 156.10. Support could be at the stop at 153.45 and below that, stops at 151.61 and 151.07 as well as the recent low at 151.41 could also lend support. On the upside, potential resistance could be at the previous highs of 159.49 and 159.76.
EURJPY remains on an ascending path and the uptrend is likely to remain intact for now. To learn more about trend trading, click the banner below.
Support may lie in the 156.60 - 157.00 area ahead of the trend line, currently near 156.10. Support could be at the stop at 153.45 and below that, stops at 151.61 and 151.07 as well as the recent low at 151.41 could also lend support. On the upside, potential resistance could be at the previous highs of 159.49 and 159.76.
EURJPY remains on an ascending path and the uptrend is likely to remain intact for now. To learn more about trend trading, click the banner below.
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