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Instrument: EURJPY
Bullish Preference:
A buy position is envisaged if the price trades above 156.630 With take profit at 156.950.
Bearish Preference:
A sell position is envisaged if the price trades below 156.059 with Take profit at 155.738.
Fundamentals:
No major Fundamentals
Comment:
EUR/JPY rallied late last week and retested its multi-year highs, but failed clear this peak, with prices slipping on Monday following a rejection from technical resistance. It is too soon to say, but the pair appears to be developing a double-top, a bearish reversal pattern that often forms in the context of an extended move higher. If prices extend their slide, initial support appears at 153.40. If this floor is taken out, the double top would be confirmed, setting the stage for a drop toward 151.50, followed by 148.45. Conversely, if buyers retake control of the market and trigger a bullish turnaround, the first resistance to consider is located at 158.10, and 159.25 thereafter.
Analysis: SCRUM Team
