1 May 2019
EUR/JPY Technical Analysis: Bulls probing hard resistance for look in at 23.6% Fibos / MA confluence area
- EUR/JPY is now leaning bullish with stochastics heading higher and the price embarking on the 20 and 50-DSMAs.
- On a break of the moving averages, bulls will be looking to hold above the 23.6% Fibos confluence and resistance for a run to the trend line resistance.
- A break there opens prospects for the 127 handle and the 200-DMA (127.50).
- On the flip side, a break of 124.80, the risk would be for a subsequent test of trend line support guarding the 38.2% Fibo.
- Below 123.40 (Jan 7 and Jan 15 lows) opens the 50% Fibo at 123.02.
- A break there will likely see the price continue in its southerly trajectory, extending last September's bear trend.
