EUR/JPY testing 23.6% retracement – Time to set buy limit!
The EUR/JPY continues to trade bullish near 130.500, as the safe haven demand diminishes. In fact, as per the recent data, the Spanish CPI data came out as expected (2.2% vs 2.2%). For now, the investors are waiting for the German Prelim CPI m/m which is expected to release during the European session.
EUR/JPY – 2 Hour Chart
Taking a look on the 2-hour timeframe, the EUR/JPY has entered the overbought zone. The relative strength index is holding above 80 and signaling a very strong bullish trend. On the other hand, the pair has also completed the 23.6% retracement at 130.560 and it’s still holding above it. So, the violation of 130.560 can lead the pair towards 130.350 (38.2% Fibo level).
I’m placing my buy limit at 130.500 to target 130.900 as the medium term trend still remains bullish. Good luck!
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals