At the beginning of this week Japanese BoJ minuts from the March meeting were published and impacted bullishly EURJPY. Just on Monday local high was broken and during next few days this currency pair remained under bullish sentiment. Yesterday the Fibonacci level was tested, the level of which was 61,8% (golden ratio) of the previous downward movement.
The area of 124.60 was strengthened by important resistance which was in the game few times in the last couple of months. The reaction of supply occured yesterday but the price stayed at the support of 123.65 level. There was a breakthrough in the last two hours. More over the supply with a dynamic downward candle crashed through before mentioned level. If this support is also broken next target for supply, will be located at 121.80 which was the lovest level for a month. Alternatively if the rebound occurs there will be a new uptrend impuls into the direction of 124.60. In the meantime the demand must break two weak resistances at levels: 123.65, 124.10.
YOU CAN START TRADING ON FOREX MARKET USING FREE XM BROKER ACCOUNT.
