EUR/JPY Price Analysis: Bulls taking on the bearish commitments at key resistance

  • EUR/JPY bulls pressing against compelling supply stricture. 
  • A 61.8% Fibo will be a big test ahead of prior daily support. 

EUR/JPY bulls are taking charge and have moved on a prior area of the daily structure in late April and early May business. 

The following illustrates the anticipated trajectory of a break or failure in this zone. 

EUR/JPY daily chart

The 61.8% Fibonacci retracement level falls in at 132.20 and has a confluence with the aforementioned structure.

A break here opens risk to the prior support at 132.65 and a break of that would be expected to lead to an onward continuation of the recovery. 

On failures at the April/May structure or on a break of the mid-June lows beyond the 61.8% Fibo, then the downside will be back in focus. 

Articles You May Like

USD/CAD Price Analysis: Buyers stepped in around weekly lows on risk aversion
Nasdaq technical analysis
Programming languages prevent mainstream DeFi
Crypto Twitter reacts to Binance CEO’s deleted tweet about Coinbase’s Bitcoin Holdings
Gold rate today: Yellow metal edges marginally higher; silver holds Rs 62,000