EURJPY 133.976?
Updated
EURJPY Recently made it's top at 135.52 on Friday and closed the day hovering near 135.15.
135.50 level is working as a strong resistance for EURJPY pair . But if market manage it break it then EURJPY next possible target will be 136.05
For EURJPY a reversal is expected from 135.50 or 136.05 level . As market wasnt able to break 135.50 level so we consider it as a reversal point .
and our target will be 133.97 where .50 fibonacci retracement is located . and also we can see that 100ema also located near 134.00 area which is key support area .
As market hit the key resistance at 135.50 now we can expect that it will head for its key support .
a break below 135.00 confirms the bearish trend .
And if we look to the past that how eurjpy reacted at this level previous time we can see the 135.15 level worked as a key support level which was also breakout position .
and 135.52 also worked as a resistance but that wasnt the reversal position . Key resistance was at 136.04 .
So things we should look for now is :
1)If market breaks 135.52 level it will reach 136.04 level .
2)If market breaks 135.15 level it will reach 133.97 level . But its better if we wait for market to get below 135.00 level .
Thanks for reading my trade idea . And also HAPPY NEW YEAR 2018
135.50 level is working as a strong resistance for EURJPY pair . But if market manage it break it then EURJPY next possible target will be 136.05
For EURJPY a reversal is expected from 135.50 or 136.05 level . As market wasnt able to break 135.50 level so we consider it as a reversal point .
and our target will be 133.97 where .50 fibonacci retracement is located . and also we can see that 100ema also located near 134.00 area which is key support area .
As market hit the key resistance at 135.50 now we can expect that it will head for its key support .
a break below 135.00 confirms the bearish trend .
And if we look to the past that how eurjpy reacted at this level previous time we can see the 135.15 level worked as a key support level which was also breakout position .
and 135.52 also worked as a resistance but that wasnt the reversal position . Key resistance was at 136.04 .
So things we should look for now is :
1)If market breaks 135.52 level it will reach 136.04 level .
2)If market breaks 135.15 level it will reach 133.97 level . But its better if we wait for market to get below 135.00 level .
Thanks for reading my trade idea . And also HAPPY NEW YEAR 2018
Trade active
Open a trade from 135.50 sell . Open a pending sell trade from 136.04 .
first target 133.99
second target 133.20
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