EURJPY pulls back to key level

EURJPY pulls back to key level

Key level of support: 127.30

Higher Time Frame Readings
The EUR/JPY has been in a heavy bullish run since it bottomed around  and now its retesting the previous broken level.

Short Term Entry
The EJ has pulled back from the highs to retest the previous key level which confluences with the previous 3 weeks’ highs.
This is a massive breakout/retest on the EJ right at the 50% of the last bullish leg.

On the divergence side we have detected bullish hidden divergence on the 2H and 4H giving the bullish side a higher probability on this trade.

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Author : Orlando Gutierrez

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