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.


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