Analysis of EUR/JPY for August 21, 2017

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Recently, the EUR/JPY pair has been trading sideways at the price of 128.20. According to the 30M time frame, I found a fake breakout of supply trendline in the background and successful testing of the intraday supply trendline, which is a sign that buying looks risky. The stochastic oscilator is showing an overbought condition, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 127.55 and 127.00.

Resistance levels:

R1: 129.10

R2: 129.90

R3: 131.00

Support levels:

S1: 127.95

S2: 127.55

S3: 126.40

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com