Trade Alert
If EURJPY retraces back down, but struggles to overcome the downside resistance line that got broken today, or even if it doesn't drop below the short-term upside support line, this could be a good signal for the bulls to step in again and drive the pair towards much higher levels, which were last tested in the beginning of October. This would also place EURJPY above the 200 EMA, which could add an additional positive spin on the near-term outlook.
If the short-term upside support line breaks, and EURJPY travels below the 127.60 area, further declines could be possible, at least towards the lowest point of October near the 126.65 mark.
Don't forget your SL.
If EURJPY retraces back down, but struggles to overcome the downside resistance line that got broken today, or even if it doesn't drop below the short-term upside support line, this could be a good signal for the bulls to step in again and drive the pair towards much higher levels, which were last tested in the beginning of October. This would also place EURJPY above the 200 EMA, which could add an additional positive spin on the near-term outlook.
If the short-term upside support line breaks, and EURJPY travels below the 127.60 area, further declines could be possible, at least towards the lowest point of October near the 126.65 mark.
Don't forget your SL.