EURJPY is approaching resistance, potential drop!
Price is approaching our first resistance at 132.41 (horizontal swing high resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement). A strong reaction might occur at this level, pushing price down to our major support at 131.11 (horizontal swing low support, 50% Fibonacci retracement) which coincides with our short term ascending support line.
Stochastic (89,5,3) has also reacted off our major resistance and is seeing a bearish exit, a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (89,5,3) has also reacted off our major resistance and is seeing a bearish exit, a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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