June 21st, 2018

Good morning traders!

Today we’re going to take a technical look at EURJPY. With the large movements the US Dollar has taken over the seven days, it looks like it’s primed for a breakout unless a radical rejection across all of its counterparties take place. EURJPY maintains its medium-term down trend that it began at the beginning of February of this year, and the market will still see a lot of that selling pressure for day traders. Currently it is struggling to make a decision around 127.80, and it may even find footing above to the resistance of 128.50, however it looks more likely to reverse the minor correction which began on Tuesday of this week. If the price does falter, we can see a decline till the next support of 127.36.


Happy trading!

 

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