Could Buyers Be Forming a New Swing? | Forex | EURJPY
Today’s focus: EURJPY
Pattern – Continuation
Support – 157.80
Resistance – 159.19
• EURJPY is showing buyer demand from previous resistance.
• If buyers can hold, could this be a new upswing?
Today we focus on the EURJPY as buyers continue to fight back after two sessions of losses. Friday’s session closed off lows, and that low point is in a support area we are watching to see if it creates new support. We would like to see buyers hold today’s rally, even better, close above last Friday’s open if momentum can build further through the LON and NY session.
If we see today’s buying fail or if sellers can close below last Friday’s low, that would be a warning, and we would want to see more evidence before thinking about long ideas.
Have a great day and good trading.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.