Hey, Here’s something for the Euro bulls.

EurJpy Daily Chart

Price opened at the monthly pivot at the beginning of the month after breaking the upside (131.500) of the range it was trading within the last quarter. The 21 Moving average acted as dynamic support as price came back to retest at the role reversal. Having come off the 21 MA we expect a higher high whereby the next key level of resistance is seen at MR1 (135.000)

EurJpy H4 Chart

Price opened at a key pivot, WM2, at the beginning of the week. With the weekly swing target, WM4, already achieved, a retest at the role reversal is what a bull would like to see for another buying opportunity. Note how psychological levels are key.

EurJpy H1 Chart

Price is currently at a key level of resistance at 133.500 which also coincides with DM3. This is a pivot level where one would get most bears. A retracement down to the fib zone is what I would want to get first before doing anything on this pair. Also take note of the 21 Moving Average as it acts as dynamic support at times.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.