Instrument: EURJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 130.019 with take profit at 130.141.
Bearish Preference:
Sell position is envisaged if price trades below 129.704 with take profit at 129.572.
Fundamentals: 12:45 EUR ZONE: ECB President Lagarde Speaks
Comment: EUR/JPY last week saw a decent rebound from the 127.94 August low. Downtrend at 130.05 is the initial resistance with the 130.74 expected to be a tougher barrier. EURJPY is bullish on the long-term outlook. The currency pair was under the control of the sellers for the past two weeks. The price was decreasing as the sellers’ pressure increases. The bearish momentum pushes the pair to the support level of $128 on September 21. The bears’ pressure failed and the bulls gain enough momentum to propel the price towards north side. The former resistance level of $29 has been penetrated upside, the currency is currently penetrating $129 level upside.
Analysis: SCRUM Team