On the EUR/JPY currency pair, the bearish sentiment has been prevailing for quite some time. Nevertheless, the technical correction is not ruled out in the near future. The EUR/JPY quotes kept the key demand zone of 129.400-129.700. A sufficiently strong reversal formation of the price and MACD histogram divergence was formed in the trading instrument (H1 timeframe). The local resistance is the level of 130.200. We recommend you to pay attention to this situation.
If the price fixes above the level of 130.200, you need to look for entry points to the market to open long positions. The closest target for profit taking is the resistance level of 130.700. The movement is tending to 131.000-131.400. When tracking the position, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.