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FX.co ★ Technical analysis of EUR/JPY for May 23, 2016

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Forex Analysis

2016-05-23T13:09:03
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Technical analysis of EUR/JPY for May 23, 2016

EUR/JPY continues trading near the 122.00 support area. At the same time, it fails to produce a higher high which is a sign that the trend is still bearish.

The pair rejecting the downtrend trendline and remains below the 200 Moving Average. Consider selling EUR/JPY on small pullbacks near 123.00, targeting 161.8% Fibs applied to the first corrective wave after the 128.00 support breakout. The stop loss should be well above the R1 (124.70).

Support: 122.00, 118.80

Resistance: 124.70, 127.30

Technical analysis of EUR/JPY for May 23, 2016

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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