EUR/JPY Mid-Day Outlook
Daily Pivots: (S1) 126.23; (P) 126.59; (R1) 127.14; More….
EUR/JPY’s break of 127.07 resistance suggests resumption of whole rise from 114.42. Intraday bias is back on the upside. Further rise should be seen to 128.67 medium term fibonacci level. On the downside, however, break of 126.04 support will indicate rejection by 127.07. Intraday bias will be turned back to the downside, to extend the consolidation from 127.07 with another leg.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 121.63 support holds. Break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.
Reprinted from ActionForex，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.