FX.co ★ EURJPY is facing bullish pressure, potential for further upside

Price is facing bullish pressure from our 1st support at 127.918, in line with our horizontal pull back support, 61.8% fibonacci retracement and 100% fibonacci extension. We could potentially see a bounce and further upside towards our 1st resistance at 128.744, in line with our 127.2% Fibonacci extension. A break above our upside confirmation level could see a further push up to our first resistance target. Price is also holding above the Ichimoku cloud and 20 EMA, showing bullish pressure in line with our analysis.

Trading Recommendation

Entry: 127.918

Reason for Entry:

horizontal pull back support, 61.8% fibonacci retracement and 100% fibonacci extension

Take Profit: 128.744

Reason for Take Profit:

127.2% Fibonacci extension

Stop Loss: 127.676

Reason for Stop Loss:

horizontal swing low support