Euro / Japanese YenUpdated EURJPY has broken out to 124.600s: 1 Bullish 1 Bearish scenario
EURJPY has finally broken out to start the new year and may be a supportive area of 124.600 - 124.500.
124.361 is a monthly support
124.564/463 is a weekly support
Because there may a be a large gap, the pair may try to find support, then continue upwards to the area it broke out of: 125.750 - 126.000 area.
Two scenarios:
Scenario 1: It creates a lower high point after establishing support at 124.300-600s, heading back to 125.750 - 126.000 to continue downward to around 123.500
Scenario 2: It establishes support at 124.300s-600s to form a higher low point, continuing upwards to 128 and beyond (?).
Either way there will be a huge 150 gap, and if it takes awhile to close but is making a support, it may a good opportunity to buy. If it blasts through to close the gap, it may be a lower high point.
[DISCLAIMER: I am not an expert, just someone trying to learn and improve]
124.361 is a monthly support
124.564/463 is a weekly support
Because there may a be a large gap, the pair may try to find support, then continue upwards to the area it broke out of: 125.750 - 126.000 area.
Two scenarios:
Scenario 1: It creates a lower high point after establishing support at 124.300-600s, heading back to 125.750 - 126.000 to continue downward to around 123.500
Scenario 2: It establishes support at 124.300s-600s to form a higher low point, continuing upwards to 128 and beyond (?).
Either way there will be a huge 150 gap, and if it takes awhile to close but is making a support, it may a good opportunity to buy. If it blasts through to close the gap, it may be a lower high point.
[DISCLAIMER: I am not an expert, just someone trying to learn and improve]
Note
I used a currency site that usually is accurate that said EURJPY would open at 124.600s, but I guess not. Downside bias remains.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.