A fairly strong reversal formation of technical analysis was formed on the EUR/JPY currency pair – the price and MACD histogram divergence (H4 timeframe). In the near future, the bullish sentiment may prevail in the trading instrument. The local support is 129.700. We recommend you to pay attention to this situation.
If the price has fixed below 129.700, one should look for entry points to the market in order to open short positions. The immediate goal for profit taking is the round level of 129.000. In the medium term, the EUR/JPY currency pair may reach 127.500. 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.