EUR/JPY Steady in a Range, Wait for Bullish Retracement

The market is a bit muted ahead of the US advance GDP data. With that, the rest of the financial market is also not on the move...


As expected, the market is a bit muted ahead of the US advance GDP data. With that, the rest of the financial market is also not on the move. EUR/JPY is one of the trading instrument stuck in a narrow trading range of 124.500 – 124.

On the 30 mins timeframe, the 50-period EMA is giving a hard time to the EUR/JPY, as it’s pushing the pair lower below 124.650.

The RSI is also holding below 20, supporting the bearish bias of investors. Most important of all, the Japanese cross is likely to go after 61.8% Fibonacci retracement level. The immediate resistance prevails at 23.2% Fibo levels at 124.555. Above this, the pair can go after 124.800 and 125.340.

Support Resistance
124.75 125.53
124.39 125.94
123.61 126.72
Key Trading Level: 125.17

EUR/JPY – Trading Plan
Fellows, I’m looking to go long on EUR/JPY above 124.300 with a stop below 124.050 and take profit of 124.850. On the flip side, selling is preferred below 125.150.

Good luck!

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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