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Could Buyers Be Forming a New Swing? | Forex | EURJPY

Published: 21.08.2023
by Joseph Jeffriess

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.

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