EURJPY – Sell Opportunity

EURJPY – Sell Opportunity

Euro Fx/Japanese Yen FX:EURJPY

DLavrov

The daily timeframe – the price reached SMA100 which acts as a resistance line. The 4H timeframe – the market forms a new swing high which can be used for drawing a downtrend line. RSI and MACD histogram support the reversal and possible downward movement.

There is a strong support zone below the current price. It is formed by 126.00 support level and the combination of MAs with 50 and 100 periods. If the price can break this zone, it will be possible to join the downward movement with profit targets at the lower support levels. Stop orders must be placed above 126.600 level.

For confirmation of the upward movement, the price will have to break the downtrend line and the previous swing high.
Source: TW DLavrov

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