EUR/JPY Bounces Off The Support – More Sell-off in Store? - Forex News by FX Leaders

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

Posted Thursday, September 27, 2018 by
Arslan Butt • 1 min read

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!

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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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