EURJPY: Downtrend to Resume again
EURJPY rebounded quite sharply from its recent low at 124.85 area. The sharp rise can be attributed to the easing of Turkey crisis and general Yen weakness.
However, this recent bullish momentum is merely a correction as per my analysis.
Price is currently at the 618 Fibonacci level it would be interesting to see if EURJPY goes downwards from here.
My Trading Plan for the upcoming week:
I will be looking for short entries between 129.35-129.60 for targets 128.40 and 127.50 area with Stops above 130.20 if I take this trade.
On the contrary, if Price manages to break the 618 Fibonacci area strongly, we might see the psychologically important 130 level and even 131.40 area.
However, this recent bullish momentum is merely a correction as per my analysis.
Price is currently at the 618 Fibonacci level it would be interesting to see if EURJPY goes downwards from here.
My Trading Plan for the upcoming week:
I will be looking for short entries between 129.35-129.60 for targets 128.40 and 127.50 area with Stops above 130.20 if I take this trade.
On the contrary, if Price manages to break the 618 Fibonacci area strongly, we might see the psychologically important 130 level and even 131.40 area.
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