EUR/JPY analysis for August 22, 2017


Recently, the EUR/JPY pair has been trading upwards. The price tested the level of 129.18. Anyway, according to the 30M time frame, I found a fake breakout of yesterday's high at the price of 128.80, which is a sign that buying looks risky. There is an upward trendline and my advice is to watch for potential breakout for downward confrimation. If the price breaks the upward trendline, watch for selling opportunties. The downward target will be set at the price of 127.55. The short-term trend is downward.

Resistance levels:

R1: 129.10

R2: 129.50

R3: 130.15

Support levels:

S1: 128.10

S2: 127.40

S3: 127.00

Trading recommendations for today: watch for potential selling opportunities.

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