EUR/JPY SHORT
After the atrocious month and plus for the Japanese yen the Euro has enjoyed bullish trend to 124.00 highers highs as far as 2019 . Price trend continues to move above both the 150 day SMA and the 100 day EMA.
Price seem to hit a peak at 124.000 with double top formations signaling a reverse, this also lines up almost perfectly with a critical resistance level on a Fibonacci retracement citing highs and lows dating almost a year back. This zone has been tested frequently and changes from support to resistance depending on the current trend.
However if price retest the 50% line breaking it in a bullish trend. Traders can look for a long position to around 126.00. As long as price continues below this critical level a short order can be drafted to a take profit at around 121.00.
Price seem to hit a peak at 124.000 with double top formations signaling a reverse, this also lines up almost perfectly with a critical resistance level on a Fibonacci retracement citing highs and lows dating almost a year back. This zone has been tested frequently and changes from support to resistance depending on the current trend.
However if price retest the 50% line breaking it in a bullish trend. Traders can look for a long position to around 126.00. As long as price continues below this critical level a short order can be drafted to a take profit at around 121.00.
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