EUR/JPY Sideways Channel Plays – 38.2% Fibo Level Supports
The single currency Euro gains a bullish momentum against the Japanese yen in the wake of faded haven appeal. The European Union Council President Donald Tusk verified through Twitter on Monday that the EU has accepted to prolong the deadline for Brexit till Jan 31, 2020, in line with the request from the UK parliament.
The deal is expected to introduce an earlier departure if a withdrawal agreement admitted by the UK Parliament is listed. Later on Monday, the Parliament could also decide on whether or not to hold a general election before Christmas, in an effort to confirm the withdrawal deal agreed by PM Boris Johnson with the EU.
Since we don’t have much uncertainty now regarding the October 31 Brexit, the market is trading on reasonable conditions. The technical side is playing a significant role now.
EUR/JPY – Daily Technical Levels
Support Resistance
120.24 120.69
120.08 120.97
119.63 121.42
Pivot Point 120.52
Zooming out on the 4-hour chart, the pair is consolidating above the triple top support area of 120.400. Bullish bias above this level is extending the buying trend in EUR/JPY.
The RSI and Stochastics are crossing above 50 area, suggesting chances of a bullish reversal in EUR/JPY./ But the thing is, the pair is stuck in a sideways trading range of 121-120.400
EUR/JPY – Forex Trading Signal
Fellas, the idea is to stay bullish above 120.800 and bearish below the same level to capture quick trade for 30/40 pips on either side.
All the best!
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals