EUR/JPY Fell Back to 133.90, Bulls Looming In the Region

The markets aren't moving much as the investors are waiting for the monetary policy decision from the Bank of England...


Good afternoon, traders.

The markets aren’t moving much as the investors are waiting for the monetary policy decision from the Bank of England. In the meantime, EUR/JPY has formed a really cool trade setup. Are you up for it?

EUR/JPY – Bullish Trendline

Looking at the daily chart, the Japanese cross has reached above 133.850, the solid support zone. The particular support is extended by the bullish trendline which is formed connecting the lows of Nov 23, Dec 15 and Feb 7.

EUR/JPY - Daily Chart

EUR/JPY – Daily Chart

In the RSI, the pair is holding in the oversold region and today’s candle is likely to form an “inverted hammer”. If this happens, the odds of a bullish bounce back will be higher.

Support     Resistance

133.25       135.18

132.57       136.43

131.32       137.11

Key Trading Level:    134.5

EUR/JPY – Trading Plan

I will wait for today’s closing and will look to open a buy position if market manages to hold above 133.850 with a target of 135.500. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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