EURJPY approaching resistance, watch for potential drop!
Price is approaching our first resistance at 127.70 (horizontal overlap resistance, 23.6%, 38.2% Fibonacci retracement, 100% Fibonacci extension) and a strong reaction might occur below this level, pushing price down to our major support at 126.26 (horizontal overlap support, 100% Fibonacci extension76.5% Fibonacci retracement).
RSI (21) is also seeing facing bearish pressure from our resistance line and is approaching our resistance where a reaction off this level might see a corresponding drop in price.
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RSI (21) is also seeing facing bearish pressure from our resistance line and is approaching our resistance where a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results