Last week supply tried to push down EURJPY below 122.00. That didn’t succeed and the price has sharply rebounded and returned above 122.80. Last Friday demand confirmed its strength and has returned above 125.00. Today EURJPY is still above that level and it is currently a new support for the price.
Minimal movement which should occur will lead the price to 127.30 level. However it may be not the end of upward movement because just a little higher at 128.50 there is a downtrend line. That line is respected by the price for more than a year. Currently there aren’t any signs that longterm downtrend may be reversed. For trend reversal EURJPY should at least reach above 128.50 level. If rebound occurs nearest supports will be located at 125.00, 123.50, 122.80.
YOU CAN START TRADING ON FOREX MARKET USING FREE XM BROKER ACCOUNT.
