FX.co ★ jerome82 | EUR/JPY

EUR/JPY H4 The pair continues its southern direction and at this stage has not quite reached the support level at 183.05 yet. However, I believe that it will head towards this level at the market opening. Moreover, just slightly above the quotes, there is a moving average creating resistance and thus maintaining the bearish sentiment of the pair. I think they may not stop at this support and will aim to break through this level. In that case, it will be quite straightforward: if they overcome and consolidate below, they will continue the southern movement. Otherwise, they may attempt a slight move to the north. If they do pull back from the support, both the moving average and the resistance at 184.15 could halt this movement. Simply put, once above these resistances, the prospect of the south can be forgotten. Wishing you profits and a great weekend, traders!