EUR/JPY Found Some Support at 129.30

 

The EUR/JPY move to the downside began a little over a month ago, after the pair bounced off from 137.50, but it may have finally found some support at 129.30. The pair bounced off from that level too, and more importantly, it formed a clear hammer candlestick on the daily time-frame as it did so, as well as a doji candlestick and a hammer candlestick on the four-hour time-frame. Those were clear signals for a move to the upside which has already begun. The closest target will likely be around 131.70 which is the (MA)89 indicator on the four-hour time-frame, and a breakout above that level will probably lead to a further rally towards 132.00 – 132.20.