EURJPY approaching support, potential bounce!
EURJPY is approaching our first support at 129.97 (horizontal overlap support, 38.2% Fibonacci retracement) and broke out of our descending channel resistance. A strong bounce might occur above this level, pushing price up to our major resistance at 131.87 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.
RSI (89) iis also seeing a bullish exit and we might see a corresponding rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) iis also seeing a bullish exit and we might see a corresponding rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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