EUR/JPY: Potential sell trade below horizontal resistance!

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 t


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.

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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