FX.co ★ EURJPY bullish continuation

Price is expected to continue to move upwards in the bullish momentum towards the 1st Resistance in line with the 200% Fibonacci extension and 76.4% Fibonacci retracement. Price is seen to be holding above the 100 period MA and the Ichimoku cloud which further enhances our bullish continuation bias. Price is also expected to move in an upward movement due to the significant inverse head and shoulders reversal pattern.

Trading Recommendation

Entry: current price (130.347)

Reason for Entry:

76.4% Fibonacci retracement, horizontal resistance turn support

Take Profit: 131.862

Reason for Take Profit:

200% Fibonacci extension and 76.4% Fibonacci retracement

Stop Loss: 128.740

Reason for Stop Loss:

76.4 % Fibonacci retracement and 76.4% Fibonacci extension