EUR/JPY bouncing above the support – More buying in stores? - Forex News by FX Leaders

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

Posted Monday, August 20, 2018 by
Arslan Butt • 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

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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