EUR/JPY Reaches Tentative Daily Resistance Zone

in LeoFinance •  19 days ago 

Direct from the desk of Dane Williams.




After EUR/JPY bounced off the interesting daily zone we were trading around last time we spoke about the pair, it's since been total control for the bulls.

With the Euro remaining on a tear across all pairs thanks to the Eurozone's coronavirus stimulus package finally getting divvied up between member states, momentum certainly looks to be remaining with the bulls for now, but it's still worth highlighting the resistance zone that EUR/JPY has now pushed into.

I mean just take a look at the EUR/JPY daily chart below.

EUR/JPY Daily:

While this particular support/resistance zone isn't at the latest level price turned at, it is still highly significant and worth keeping on our charts.

If price decides to turn here, there could be an opportunity for a nice short off the daily zone, but due to its proximity to the actual daily swing high resistance zone above, I wouldn't be jumping into any longs just yet.

Let's see how this one plays out.

Best of probabilities to you,

Dane.




FOREX BROKR | Hive Blog
Higher time frame market analysis.

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