EUR/JPY: Euro attempts to break out at 128.370 with a double bottom price pattern
What is going on now with EUR/JPY?
EUR/JPY: The Euro failed to continue at 128.370 in yesterdays session and fell to 128.160 support. The pair attempted to recover as indicated in the 60 minutes chart below but failed and triggered a sell-off pushing prices down to 127.675 support. The sell-off took out all my estimated sell targets at 128.150, 127.930, and 1.27675. The pair recovered after finding support at 127.675 and proceeded to the upside during the overnight session.
EUR/JPY: The Euro progressed strongly to the upside with a few wild swings but managed to maintain its course pushed through three major resistance price points in the last 24 hours. The pair has reached the same critical resistance point at 128.382 encountered in yesterdays session. The Euro needs to break and remain above 128.370 to continue to 128.530. Failing to continue at 128.370 could result in a pullback to 128.160 and 127.930.
Support/short - 128.295, 128.160, and 127.930, 127.765
Resistance/Long -128.370, 128.530, 128.660, and 128.770
We explain the market movements and help guide you to possibly make the right decision on when to enter, apply stop loss to protect your capital, take profit and exit your position.
Chart 1: The short-term view of the EUR/JPY price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the EUR/JPY price action in the four hours price chart highlights the direction of the trend and the support and resistance price points