Cabana Capitals Blog Forex Broker EUR/JPY: Bulls are not ready to stop at any resistance.

EUR/JPY: Bulls are not ready to stop at any resistance.

EUR/JPY: Bulls are not ready to stop at any resistance. post thumbnail image

Overview:-  The yen is throwing major pip vibes today as we should take a look at ERU/JPY pair. The pair is knocking on the 125.00 major psychological handle, which is right smack at a previous resistance level on the daily time frame. Bulls are making successively higher highs and higher lows and heading north side. Well the way bulls are reacting it seems they are not ready to stop in early phase and they will make a new target. Recently bulls breached out the 200 SMA line on weekly chart which can’t be taken as granted.

Technical Analysis: – Bulls are rocking since last 4 consecutive weeks which shows that momentum is in favor of bulls and 125 level is the last acid test for bulls. If bulls trades and settles above this level then we may see further buying till 130 level. Recent candle is bullish marabuzo candlestick which is providing us further bullish signal and suggesting us that further buying is still on the cards we need a clearance of 125.00 level is must. The short term to intermediate term trend is mildly bullish however some correction can be seen which we can’t ignore.

The RSI indicator is favoring the bulls and MACD lines are also providing us bullish signal. A daily closing above 125 level will open the way towards the 127 and 130 level. On contrary a daily closing below 123 level will change the outlook from bullish to bearish. The 123 level is immediate support level followed by 121 level where as 127 level is key resistance level followed by 130 level.

Trade idea:– based on chart and studies above we can say that one can go for buy 124.50 level target is 126.00 and 127.50 and 130 level with the tight stop loss of 122.50.00 level.


Disclaimer: This is to be considered a marketing communication only, this does not contain, and should not be construed as containing, investment advice or an investment recommendation or investment research or, a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Past performance is not a guarantee of or prediction of future performance. Cabana Capitals does not take into account your personal investment objectives or financial situation. Cabana Capitals makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of Cabana Capitals, a third party or otherwise. Consequently, any person acting on it does so entirely at their own risk. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of Cabana Capitals. This communication must not be reproduced or further distributed without prior permission.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post