The EUR/JPY
has found a good resistance zone around the 118.00 level as shown on the daily
chart. Very close to the 118.00 level we can also see the 55 day exponential
moving average, which has also contributed in making that zona a good
resistance. The price bounces to the downside and today it breaks below the
116.00 level after the Yen strengthen amid expectations of the decision by the
Bank of Japan for this Friday. The pair may continue lower and if it does then
it may reach the 111.00 level.
Excellent analysis!
ReplyDeleteIt bounced off the support at 114.50.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteInformative post, thanks.
ReplyDelete