FX.co ★ EURJPY is facing bullish pressure, potential for further bounce!

EURJPY is facing bullish pressure from the ascending trendline support and might bounce from 1st support level which is in line with horizontal swing low support as well as 78.6% fibonacci extension and 50% fibonacci retracement. Prices might hit 1st resistance target which coincides with horizontal swing high resistance, 78.6% fibonacci extension and 161.8% fibonacci retracement. If prices fall through the ascending trendline support, prices might hit 2nd support in line with 78.6% fibonacci retracement and 78.6% fibonacci extension. EMA is also below prices, giving prices a bullish pressure.

Trading Recommendation

Entry: 128.935

Reason for Entry:

Horizontal swing low support, ascending trendline support, 50% fibonacci retracement, 78.6% fibonacci extension

Take Profit: 129.976

Reason for Take Profit:

Horizontal swing high resistance, 78.6% fibonacci extension and 161.8% fibonacci retracement

Stop Loss: 128.329

Reason for Stop Loss:

Horizontal swing low support, 78.6% fibonacci retracement, 78.6% fibonacci extension