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Market Focus: EURJPY

jeffriess
July 31, 2020
by Joseph Jeffriess, Market Analyst

Buyers battling supply from 124.05 – 124.44.

Hi traders, today we’re looking at the EURJPY daily chart.

The key point today is that the resistance point, which is the base for a supply area has been holding buyers back since June. Buyers are testing this level into tonight’s London session. Overall today the JPY has been mixed with gains mainly being made to the USD while the EUR and GBP have been pushing higher during the week.

If buyers can push through this point we will be looking for a trend continuation to confirm. A close above resistance is one thing but the next main signal will be a breakthrough in the current supply area. Buyers have the trend in their favour and this week’s latest HL. We do see mild divergence on the Williams %R but a close above the -15 will nullify that.

So it’s now up to buyers to show that momentum remains strong with a close and more thorough supply pushing the current trend higher.

EURJPY D1 Chart 

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