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

Prices are facing bullish pressure from 1st support which is in line with ascending trendline support, horizontal swing low support, 78.6% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push up towards 1st resistance, which is in line with horizontal swing high resistance, -27.2% Fibonacci retracement, 127.2% Fibonacci retracement. If prices push even lower, prices might hit 2nd support which is in line with horizontal swing low support, 100% Fibonacci extension and -27.2% Fibonacci retracement. Ichimoku cloud is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 129.909

Reason for Entry:

Horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement

Take Profit: 130.561

Reason for Take Profit:

Horizontal swing high resistance, 127.2% Fibonacci retracement, -27.2% Fibonacci retracement

Stop Loss: 129.658

Reason for Stop Loss:

Horizontal swing low support, 100% Fibonacci extension, -27.2% Fibonacci retracement