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

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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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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