FxWirePro: EUR/JPY extends consolidation after bounce from trendline support, strong resistance at 128 levels
EUR/JPY finds strong resistance in the 127.85-128.55 zone, further upside can be seen only on breaks above. The pair is seen consolidating after bouncing off trendline support at 126.77, but upside capped by 10-DMA at 12…
EUR/JPY finds strong resistance in the 127.85-128.55 zone, further upside can be seen only on breaks above.
The pair is seen consolidating after bouncing off trendline support at 126.77, but upside capped by 10-DMA at 127.94.
Immediate support on the downside is seen at 127.30 (Jan 11th lows) and further below at 126.77 (trendline).
While on the upside a series of resistance are seen between 127.85 and 128.55, only break above can take the pair higher to 129.48 (Jan 5th highs) and then 130.13 (23.6% Fib of 141.02 to 126.77 fall).
Recommendation: Go long on break above 128.55. SL: 127.40, TP: 129.48/130.20
