EURJPY testing resistance, potential drop!
Price is testing our first resistance at 133.00 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement). A strong drop might occur below this level, pushing price down to our major support at 130.13 (horizontal swing low support, 76.4% Fibonacci retracement). A breakout below our intermediate support at 131.11 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension) might provide the bearish acceleration to our major support level.
RSI (55) is also seeing a bearish divergence, a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55) is also seeing a bearish divergence, a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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.