EURJPY bounced off major support, potential rise!
EURJPY has bounced off its major support at 130.96 (50% Fibonacci retracement, horizontal swing low support, 100% Fibonacci extension). A strong reaction could occur at this level pushing price up to our next major resistance at 131.89 (horizontal overlap resistance, 61.8% Fibonacci retracement). A breakout of its short term ascending pullback resistance line would provide a further bullish confirmation.
RSI (89) is also testing its major support at 48% and a bounce off this level would be a good precursor for a potential rise in price.
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RSI (89) is also testing its major support at 48% and a bounce off this level would be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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