Tuesday, February 9, 2016

EUR/JPY The Beginning of The Uptrend?

EUR/JPY is trading at resistance at current market price (128.95). Traders and investors are now facing the question whether this level would hold and provide a stable support or the EUR/JPY pair will succumb below 128 and beyond.

Although the pair is in sharp downtrend for weeks, the 128 level has been tested and has provided the necessary support for the pair.

Keep your stops around the 127 level. Have in mind that price might attempt to visit the 128 level again before heading north.

Chart: EUR/JPY D1


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4 comments:

  1. UnknownFebruary 9, 2016 at 3:02 PM

    It's testing the support level.

    ReplyDelete
  2. UnknownFebruary 9, 2016 at 6:40 PM

    It bounced off the support at 128.20.

    ReplyDelete
  3. UnknownFebruary 9, 2016 at 7:47 PM

    It's in a well defined weekly downtrend channel, but the Monthly Timeframe presented a nice Hammer in January.

    ReplyDelete
  4. UnknownFebruary 9, 2016 at 8:56 PM

    Excellent analysis!

    ReplyDelete

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