The current technical pattern signals a possible correction of the EUR/JPY currency pair after a continuous rally. In a trading instrument, a classic reversal formation has been formed – the price and MACD histogram divergence (H1 timeframe). At the moment, the EUR/JPY currency pair is consolidating. The local resistance is the level of 123.350. We recommend paying attention to this situation.
If the price fixes above 123.350, you need to look for entry points to the market to open long positions. The immediate goal for profit taking is the zone of 123.750-124.000. The movement is tending to 124.250-124.700. When tracking a position, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account