EUR/JPY Retesting The Buyers!

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RESULTS

EUR/JPY continues to stay above 130.74 downside obstacle, so personally, I will look for new long opportunities. The currency pair dropped to test and retest the support zone. A bullish pattern here could activate a new leg higher.

In the short term, the Nikkei stock index was into a corrective phase, that’s why the Yen has appreciated versus its rivals. The Yen appreciated a little as the Japanese PPI registered a 8.0% growth beating 6.9% expected.

EUR/JPY Technical Analysis!

EUR/JPY failed to resume its rebound and now is back in the support zone. It has retested the channel’s downside line and the 130.74 and now is fighting hard to give birth to a new leg higher. It moves somehow sideways in the short term, that’s why we need strong confirmation before considering going long or short.

A new lower low, a bearish closure below 130.63 could activate a deeper drop. On the other hand, staying above 130.74 could bring a new swing higher.

Trading Conclusion!

EUR/JPY could develop a new leg higher after retesting the confluence area formed at the intersection between 130.74 with the downside line.

 

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