EURJPY has been consolidating at the key support area @131.840 since the end of Sept and it’s beginning to look more like a rising wedge. I’m waiting to see if it will close below Thursday’s low at 131.84 on the Daily chart and this area also served as resistance in mid-September and later attracted buyer’s on 25 and 26 Sept. The 132.30/50 zone is the resistance area, but a daily close below 131.84 would confirm the break and open to the 128.40 support area. Alternatively, if bulls step in, the pair might go to resistance at 132.30/50 with a break above, taking us to the 133.50 area.
EURJPY - ON EDGE OF KEY SUPPORT - 9 OCT
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2 thoughts on “EURJPY – ON EDGE OF KEY SUPPORT”
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i feel like its going to be a pop n drop considering the oversold conditions and Usdjpy under pressure to the downside considering NFP numbers
The fundamentals are somewhat similar between these troubled souls. Both are discussing how they can taper without appreciating their currencies……LOL. However, one thing is clear, the pair is still in a strong bullish trend, and it has retraced nicely, and is now oversold at support. That’s what us Bulls are looking for. Nice set up Maryna!!!