EUR/JPY found support at 38.2% Fibs ( 113.70) applied to
the channel breakout point. At the same time, MACD formed a bullish divergence in 1H time frame.
The pair broke the 50-Moving Average and the downtrend
trend line. Overall it looks like EUR/JPY might reverse or correct up from
the current price – 114.00.
Consider buying EUR/JPY while it is near 114.00, targeting
either 61.8% (114.60) or 76.4% Fibs (115.15). However if price fails to break
above 50% Fibs (114.13) there is potential for a range trading. The suggested stop
loss is 113.50.
Support: 113.70
Resistance: 114.10, 114.60, 115.15
The material has been provided by InstaForex Company – www.instaforex.com
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