EURJPY | Breaking Boundaries for New Highs in 2023 | Forex
Today’s focus: EURJPY
Pattern – Resistance Test
Support – 157.65 – 155.81
Resistance – 158.55 – 159.71
Hi, and thanks for checking out today’s update. Today, we are looking at the EURJPY on the daily chart.
Since testing lower support, we have seen a solid bounce that has already had one reaction and a new higher high. This sets buyers up with just a few more things to do to get the overall trend back on track.
A break of current resistance and a break of 159.71 should see the price at new 2023 highs and could confirm that the long-term trend is continuing. We need to see the current range beaten before we can start thinking of new yearly highs.
If sellers can hold at 158.55, this could set up a new resistance hold and stall the current rally.
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.