Price is at major support on the daily, which is also the 123.50 psyche number. We have seen a higher high as well on this time frame, and euro has been exceptionally strong as of late. I will look for an entry on the lower frames to get long.

Eur/jpy daily chat

Price has broken up through the 123.50 psyche level, which was major resistance in the past, and may be major support currently. (shown by red line)

EUR/JPY h4 chart

Price has interacted with this black trend line for the 3rd time, giving it some relevance.

EUR/JPY H1 chart

Price has bounced off black trend line, as well as horizontal support, shown in red. I will look for a pullback for entry. My targets will be around the 38.2 and 50% bearish fib levels, as these areas are where resistance may lie, targets shown by red trend line.

One thought on “EUR/JPY long; 18th may”

  1. Dumisani Vilakazi says:

    I love the post on fib levels I found it to be very helpful. Thank you Sir.

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