InstaForex - Analytics

    InstaForex

    699.25 6.25/10
    61% of positive reviews
    Real

    EUR/JPY resistance broken, rate should grow

    After the price dropped from a high of 149.71, tested at the end of 2014, to a low at 123.11, tested back on April 14, 2015. So, the EUR/JPY pair launched a corrective wave.

    Within correction, the price broke above the descending channel that was followed by a closure above the R1 (136.07) resistance level, which is 23.6% Fibonacci applied to the channel breakout point. According to these technical analysis, EUR/JPY has yet to test the resistance, which is R2 (139.13) - 0% Fibs.

    While RSI shows a bullish divergence, the pair is trading right at the uptrend trendline and could be a starting point for the next wave up. Consider buying EUR/JPY at the current level targeting R2 (139.13). Only a break below S1 (134.12) should be able to give bears more power.

    Support: 134.15, 132.62, 131.09

    Resistance: 136.07, 139.13

     

    eurjpy-d1-instaforex-group-4.png

     

     

    Show full picture

     

     


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree