Retest of "Mirror" Support on EUR/JPY

Retest of Mirror Support on EUR/JPY

The bullish sentiment prevails on the EUR/JPY currency pair. The trading instrument has updated local highs. The current technical pattern signals further recovery of quotes. At the moment, the EUR/JPY currency pair is testing the “mirror” support level of 123.100. Local resistance is the mark of 123.400. We recommend paying attention to this situation.

If the price fixes above the resistance level of 123.400, further growth of the EUR/JPY quotes is expected. The immediate goal for profit taking is the mark of 123.750. The movement is tending to 124.000-124.250. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustMarkets 2019.05.22

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
How to Research Stocks
For some traders, trading in stocks is a novelty, and many need help knowing where to start, how to research, or how to select stocks for trading or investing.
Read more
The Reality of Successful Trading: Forget about the Palm Tree Fantasy
Trading isn't a leisurely activity reserved for exotic locales; it's a demanding profession that requires dedication, discipline, and a deep understanding of the markets. While the freedom to work remotely is a perk of trading, it's essential to dispel the myth that success can be achieved simply by lounging on a beach with a laptop.
Read more
Mathematical Expectations in Trading
Mathematical expectation refers to the average outcome of a trading strategy over many trades, taking into account both profits and losses. It's a statistical concept that helps traders assess the potential profitability of their strategies.
Read more