empty
 
 
24.02.2021 11:55 AM
EURJPY is facing bullish pressure, potential for further upside

This image is no longer relevant

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback