The current technical pattern indicates a possible correction of the EUR/JPY quotes. Near the key offer zone of 130.600-131.500, a classic reversal pattern of the Price Action "Pin Bar" method was formed. In the near future, we do not exclude the "bearish" sentiment on the EUR/JPY currency pair. Local support is the level of 129.350. We recommend you to pay attention to this situation.
If the price fixes below 129.350, sales of EUR/JPY should be considered. The immediate goal for profit taking is the level of 128.250. In the medium term, the currency can reach a "mirror" support level of 125.500. Confirmations and entry points to the market should be looked for on lower timeframes. When you follow a position, you must use 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