EUR/JPY has been very slowly moving to the upside in a very choppy manner for the past few days, but the pair could not break out above the resistance at 124.65, formed a hanging man candlestick on the four-hour time-frame at that level and started retracing. Currently the pair is testing the support at 124.20 and a breakout below that level will probably lead to a further move to the downside towards the support at 123.80, which coincides with the (MA)89 indicator on the same four-hour time-frame. A breakout below that level could potentially be an indication for another drop towards 122.00, which is the same indicator, but on the daily time-frame.
It has almost reached 123.80.
ReplyDeleteA small gap down.
ReplyDelete