The current technical pattern signals a possible correction of the EUR/JPY currency pair after continuous growth. A classic reversal formation, the divergence of price and MACD histogram (H1 timeframe), has been formed in the trading instrument. At the moment, the EUR/JPY quotes are stable. The round level of 121.000 is the nearest support. We recommend paying attention to this situation.
If the price fixes below 121.000, EUR/JPY sales should be considered. The immediate goal for profit taking is 120.550. The movement is tending to 120.150-119.700. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, 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