EURJPY | Thoughts and Analysis | Forex
Today’s focus: EURJPY
Pattern – Range support test post LH trend break.
Support – 157.05 – 155.85
Resistance – 158.40 – 159.40 (area)
Today, we break down the overall price picture and levels we are watching in EURJPY.
The JPY has started the week on a strong note with solid gains compared to the EUR, GBP and USD. The GBPJPY is also showing similar signs to the EURJPY, but we zoned in as there have been a few price signals in a row that could be backing up a new move by sellers.
Sellers continue to test the range bottom after breaking the fast trend and setting up a new lower high around 158.40 resistance. From here, if sellers are going to try a new run, we would like to see a decent to strong close lower that beats the range and 157.05 support base. Then, we will look for a new move lower that could test 155.85 or below.
If the price can fight back and close back above 157.05, this could be a sign that seller strength might not be that strong.
Have a great day and good trading.
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