justatrader

EURJPY Long Term Analysis

FX:EURJPY   Euro Fx/Japanese Yen
228 0 2
Descending triangle has been forming over months. Yesterday's price action however saw a break of this trend line .
At this point we aren't sure if this is a continuation to the uptrend or a change of trend. Upside range of 141 - 140 is a support/resistance level, stochastics are overbought and points to maybe a correction to the downside for maybe renewed momentum for higher rally?

Downside support at 137.5, a break of this will see next support at 136.5 with the final target to 129/130 levels.

Better to wait and watch and see how price behaves once it gets closer to the S/R level of 141.28 - 140.38
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