US Session Trade Setup - EUR/JPY Set to Test Triple Bottom

EagleFX Team EagleFX

The demand for safe-haven assets remains strong, and it's keeping the EUR/JPY pair closer to the low price level of 119. The local government of China's Hubei province, the epicenter of a global coronavirus outbreak, reported 14,840 new cases, a huge jump from 1,638 cases a day earlier, claiming a revised calculating methodology. At the same time, Beijing replaced two top communist party officials in that province.

The EUR/JPY is trading at 119.200, holding in the oversold range as we can see the RSI value is staying below 20, suggesting chances of a bullish reversal. The odds of bullish retracement remains pretty solid as the RSI is looking to come out of the selling range. If this happens, we may see EUR/JPY prices heading towards 38.2% Fibo levels at 119.400.

Support	Pivot Point	Resistance
119.46	119.88	120.15
119.19		120.57
118.5		121.26

Today, we should look for buying trade around 119.250, only if the EUR/JPY breaks above 23.6% Fibo mark, as the chances of pair raising towards 119.400 and 119.750 will be high.

EUR/JPY - Trade Plan

Buy Above 119.250
Take Profit 119.600
Stop Loss 118.800

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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