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Will EUR/JPY Support Zone Hold?

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forexbrokr.
@forexbrokr
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Direct from the desk of Dane Williams.



I have a crazy day of deadlines for my copywriting work, so just a quick chart of one of the markets that we have in play.

One eye on Google Docs and the other on EUR/JPY.

I wouldn't have it any other way!

EUR/JPY Daily:

So remember 16 days ago when we spoke about using the EUR/JPY flash crash support zone?

Well, you can see price dipped below it, but then ripped hard.

If we're treating support/resistance as a zone rather than a hard level, that's still price respecting support.

Now to start the week, price has pulled straight back to retest the zone again.

If price can't manage to print a new low, this is a bullish sign and there will surely be opportunity to get long off the back of it.

Best of probabilities to you,

Dane.



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