EUR/JPY Nice Pullback From Trendline Support Zone.
EUR/JPY nicely pullback from its trendline support zone. 128.00 was double bottom zone. But EUR/JPY broke below 128.00 and tested its trendline support area at nearly 127.50.
If today's daily candle closes a full-body bullish pattern, we can hope that EUR/JPY will test the 130.40/50 price zone very soon. 130.40/50 is an absolute strong resistance zone. Many times market-tested 130.40/50 but couldn't break it.
So, it is expected beyond price action analysis that the price will act as a strong resistance zone. But breaking above 130.40/50 will open the door for 133.--/133.20 price zone.
On the other hand, EUR/JPY breaks below the trendline support zone, we may see another knee-jerk downside pressure on EUR/JPY. EUR/JPY will only drop if the Covid situation becomes worse.
Otherwise, EUR/JPY reached its bottom price, so it is expected that the EUR/JPY may rise from the price zone.
If EUR/JPY breaks below the 127.50/30 price zone, we may go short, and the downside target will be 126.00. Breaking below the trendline support level, our long target will also be invalid.
If today's daily candle closes a full-body bullish pattern, we can hope that EUR/JPY will test the 130.40/50 price zone very soon. 130.40/50 is an absolute strong resistance zone. Many times market-tested 130.40/50 but couldn't break it.
So, it is expected beyond price action analysis that the price will act as a strong resistance zone. But breaking above 130.40/50 will open the door for 133.--/133.20 price zone.
On the other hand, EUR/JPY breaks below the trendline support zone, we may see another knee-jerk downside pressure on EUR/JPY. EUR/JPY will only drop if the Covid situation becomes worse.
Otherwise, EUR/JPY reached its bottom price, so it is expected that the EUR/JPY may rise from the price zone.
If EUR/JPY breaks below the 127.50/30 price zone, we may go short, and the downside target will be 126.00. Breaking below the trendline support level, our long target will also be invalid.
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