EUR/JPY Trades Sideways Range - Traders Awaits Breakout!
|The Japanese cross EUR/JPY is consolidating within a sideways range after placing a high around 121.250 points. The demand for the Japanese yen is weakening in the wake of reduced safe-haven appeal.
Both of the nations, the US and China, said that they had made headway in discussions aimed at resolving their prolonged 16-month trade war. The US officials announced a contract could be confirmed this month.
Zooming out on the 4-hour graph of the EUR/JPY, the pair was consolidating in a slightly bullish tone, facing the resistance at 121.400 while the support rests at 120.6500 levels.
The 50 period EMA lingers nearby 120.750 level, where the current market price for EUR/JPY is 120.050. It indicates the EUR/JPY still has room for additional buying above 120.750.
|
Support |
Pivot Point |
Resistance |
|
120.72 |
120.91 |
121.02 |
|
120.61 |
121.21 |
|
|
120.31 |
121.51 |
On the 4 hour chart, the EUR/JPY is trading in a bullish zone as we can see the MACD and RSI, both of the leading indicators are holding above 0 and 50 figure, respectively, suggesting chances of a bullish trend.
EUR/JPY Trade Setup
Sell Below 121
Take Profit 120.600 & 120/400
Stop Loss 121.400
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