The EURJPY currency pair has reached the end of its upward trend, as shown in the chart. It has faced resistance at several levels and has been unable to create new highs. Momentum indicators also show signs of divergence. However, the price is now approaching an important support area where the upward trend line meets the 50-period moving average on the hourly timeframe and the 61.8% Fibonacci level.
I expect the price to respond to these levels and go up to 145 before falling again to break the previous support line and target 143.
-------------------------------------------------------------------------
Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
I expect the price to respond to these levels and go up to 145 before falling again to break the previous support line and target 143.
-------------------------------------------------------------------------
Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!