FX.co ★ EURJPY is approaching support, potential bounce

Price is approaching our first support, in line with our ascending trend line, horizontal pullback support, 50% fibonacci retracement and 61.8% fibonacci extension where we could see a bounce above this level to our first resistance level. Ichimoku cloud and 20 EMA are showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 129.284

Reason for Entry:

ascending trend line, horizontal pullback support, 50% fibonacci retracement and 61.8% fibonacci extension

Take Profit: 129.652

Reason for Take Profit:

127.2% Fibonacci extension and horizontal swing high resistance

Stop Loss: 129.116

Reason for Stop Loss:

78.6% Fibonacci retracement and horizontal swing low support