EUR/JPY Technical Analysis: Get Ready for a Bearish Trade
Arslan Butt • 1 min read
- EUR/JPY trades bullish around 125.420 after the violation of the second top resistance level of 124.900.
- In case you don’t know, the primary reason behind a strong buying in the Euro is the series of services PMI figures which performed exceptionally well during the previous month.
- EUR/JPY is now likely to face some support around the resistance cum support area of 124.900.
- On the upper side, EUR/JPY may face resistance near 200 periods moving an average of 125.600. The continuation of the bullish trend can extend the buying trend until 125.750.
Now here’s a crucial part. I would like to take a sell position only if the Japanese cross closes candles below 125.750 resistance area. Otherwise, 126 will be an excellent level to consider selling at today.
Good luck and stay tuned to FX Leaders, especially the forex economic calendar, for the live commentary of the ADP Nonfarm Payroll data.