The EUR/JPY
retraces to the 55 day exponential moving average, which is currently at the
118.00 zone. On the daily chart we can see that the 55 day EMA has acted as a
good resistance in the past; therefore, it is possible to see a bearish bounce
from this level. If the prices continues falling, then the first support could
be the 114.82 level, followed by the 111.00 level and much lower the 109.37
level. To the upside, above the 55 day EMA, the first resistance could be the
122.00, followed by the 200 day EMA, blue line, around the 123.96 level.
I agree, the pair will likely recover the whole drop.
ReplyDeleteValuable information! Thanks.
ReplyDeleteImportant levels to watch, thank you for sharing!
ReplyDeleteGreat assessment, I'll keep it in mind.
ReplyDeleteIt could have found some resistance.
ReplyDeleteThanks for such an informative article.
ReplyDeleteInsightful read, thank you!
ReplyDeleteThe pair rebound.
ReplyDelete