EURJPY is approaching our first resistance at 131.86 (horizontal pullback resistance) and a strong reaction might occur at this level, pushing price down to our major support at 130.91 (horizontal pullback support, 100% Fibonacci extension, 76.4% Fibonacci retracement). A breakout below our intermediate support level at 131.58 (horizontal overlap support, 61.8% Fibonacci extension) might provide the bearish acceleration to our major support level.
RSI (89) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trade active
Just look at that drop!!! Did you guys manage to ride this wave?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.