EUR/JPY: Potential sell trade below horizontal resistance! - Forex News by FX Leaders

EUR/JPY: Potential sell trade below horizontal resistance!

Posted Friday, August 31, 2018 by
Arslan Butt • 1 min read

The EUR/JPY is consolidating in a tight range as the economic calendar is lacking major events. The pair is expected to extend the bullish trend, as 129.400 emerges as a strong support.

EUR/JPY – 240 Min Chart

The pair has formed a bullish channel which is extending a nice support near 129.400. Actually, it’s a bottom of the bullish channel and the pair is very likely to stay bullish above this level. Other technical indicators such as Moving Average and RSI are also supporting the bearish bias.

EUR/JPY – Key Technical Levels

Support     Resistance
129              130.38
128.52       131.27
127.15       132.65
Key Trading Level: 129.9

Trade Plan: The idea is to stay in sell below 129.850 to target 129.400 and 129.100.

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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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