EUR/JPY Bounces Off The Support – More Sell-off in Store?

The EUR/JPY has retraced to the same support come resistance level of 132.250. It will be nice to see if EUR/JPY manages to hold below...


The safe haven currency JPY plunged broadly for an obvious reason of concern among traders. Yes, I’m speaking about an uptick in geopolitical anxieties from the US- China trade war to Brexit. Anyway, we may have a trade opportunity in the EUR/JPY…

EUR/JPY – 61.8% Retracement & Triple Bottom

On the hourly chart, the EUR/JPY continues to trade bearish below a triple bottom resistance area of 132.250. Zooming out on the 2-hour chart, you can see the same level was working as a resistance back on 18 Sep.

The EUR/JPY has retraced to the same support cum resistance level of 132.250. It will be nice to see if EUR/JPY manages to hold below this level as it can be an opportunity to short the pair.

On the lower side, the Japanese cross can target 131.750 and 131.350 only if it manages to stay below 132.250.

Coming up next is the core durable goods and the GDP data from the US economy. It might be interesting to catch any surprises. Good luck traders and stay tuned!

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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