Strong BULLISH momentum from EUR/JPY but resistance is building
EURJPY has moved impressively north from the recent low at 118.25 and signs there is more to come but its difficult to recommend a LONG trade from these levels with H1 overbought and TDI crossing south.
The 38.2 Fibonacci level at 119.84 presented no barrier but we may need to see slide down to near this level before the uptrend continues.
Below 118.25 and the 200 sma on D1 below it changes the picture more BEARISH.
Trade idea.
SELL down to 119.80 level and look for a LONG if price doesn't continue south.
The 38.2 Fibonacci level at 119.84 presented no barrier but we may need to see slide down to near this level before the uptrend continues.
Below 118.25 and the 200 sma on D1 below it changes the picture more BEARISH.
Trade idea.
SELL down to 119.80 level and look for a LONG if price doesn't continue south.
