EUR/JPY bouncing above the support – More buying in stores?

On the 2 hour chart, the EUR/JPY continues to trade above triple bottom support area of 126.250. Zooming out on the 2-hour chart, you can...

Arslan Butt•Monday, August 20, 2018•1 min read

On the 2 hour chart, the EUR/JPY continues to trade above triple bottom support area of 126.250. Zooming out on the 2-hour chart, you can see the same level was working as a resistance in the previous week. The EUR/JPY has come down to the same resistance cum support level of 126.250 and has formed a doji pattern which is suggesting the neutral sentiment of investors.

It will be nice to see if EUR/JPY manages to break below this support level or not. Because if it breaks downward, the next target is likely to be 125.650. On the other side, the Japanese cross can target 126.650 and 126.850, only if it manages to stay above 126.250. Good luck!

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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.