Technical analysis signals a possible correction of the EUR/JPY currency pair after a continuous fall. This week, the trading instrument has kept the key support of 123.850, which has caused the bullish sentiment and the change of local highs. At the moment, a classic reversal figure of Double Bottom has been formed (H1 timeframe). The EUR/JPY quotes have approached the resistance level of 124.400. We recommend paying attention to this situation.
If the price fixes above 124.400, you need to look for entry points to the market to open long positions. The immediate goal for profit taking is the local supply zone of 124.800-125.000. In the medium term, the EUR/JPY currency pair may reach 125.450-125.750. When tracking a 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.Open Account