EUR/JPY Falls Below Resistance – More Sell-off in Store? - Forex News by FX Leaders

EUR/JPY Falls Below Resistance – More Sell-off in Store?

Posted Thursday, November 29, 2018 by
Arslan Butt • 1 min read

The safe haven currency JPY strenghtened broadly for an obvious reason of concern among traders. I’m speaking about an uptick in geopolitical tensions from the US- China trade war to Brexit. Anyway, we may have a trade opportunity in the EUR/JPY.
EUR/JPY – EMA Bullish Crossover & Triple Top
On the 2-hour chart, the EUR/JPY continues to trade bearish with a triple bottom support area of 128.500. Zooming out on the 2-hour chart, you can see the same level was working as a resistance back in July.

The EUR/JPY has come down to the support level of 128.450. It will be nice to see if EUR/JPY manages to violate this support level or not. Because if it breaks downward, the next target is likely to be 127.850.
On the other side, the Japanese cross can target 129.250 and 129.650 only if it manages to stay above 128.450. Coming up next is the Personal Spending m/m figures from the US economy. However, this may not have a direct impact on Japanese cross. So, let’s trade these technical levels.

Support Resistance
128.65 129.05
128.47 129.28
128.07 129.68
Key Trading Level: 128.88
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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