EURJPY is facing bullish pressure from the ascending trendline support and might bounce from 1st support level which is in line with horizontal swing low support as well as 78.6% fibonacci extension and 50% fibonacci retracement. Prices might hit 1st resistance target which coincides with horizontal swing high resistance, 78.6% fibonacci extension and 161.8% fibonacci retracement. If prices fall through the ascending trendline support, prices might hit 2nd support in line with 78.6% fibonacci retracement and 78.6% fibonacci extension. EMA is also below prices, giving prices a bullish pressure.
Reason for Entry:
Horizontal swing low support, ascending trendline support, 50% fibonacci retracement, 78.6% fibonacci extension
Take Profit: 129.976
Reason for Take Profit:
Horizontal swing high resistance, 78.6% fibonacci extension and 161.8% fibonacci retracement
Stop Loss: 128.329
Reason for Stop Loss:
Horizontal swing low support, 78.6% fibonacci retracement, 78.6% fibonacci extension
The material has been provided by InstaForex Company – www.instaforex.com
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