EURJPY’s big daily rejection

EURJPY’s big daily rejection

Key Support: 130.00
Key Resistance: 132.60 – 133.50

The EURJPY open and grinded lower to retest the 130.00 level (-0.66%) just to pick up buyers in the process and print new daily highs erasing all the daily losses in the process.

This come to retests a massive previous key level. Throughout March 15th to April 23rd 2021, the EURJPY’s upside was capped by the 130.45 level. Buyers kept coming in higher (creating a flat triangle) and eventually broke with this level for a +2.80% move (365 pips).

price has now come down and retest this level whilst faking out of the longs term bullish structure. This means that if the previous highs are broken there is a high probability that we will come back to at least retest the previous broken base around the 132.60 level which is also the 61.8% retracement of the entire move down.

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Author : Orlando Gutierrez

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