EURJPY is facing bullish pressure, potential for further upside!

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Price has just bounced from our 1st support at 126.806, in line with our 23.6% Fibonacci retracement and horizontal overlap support, where we could see a further rise above this level towards our 1st resistance at 127.341, in line with our horizontal swing high resistance, -27.2% Fibonacci retracement and 61.8% Fibonacci extension. It is worth noting that price continues to hold above the Ichimoku cloud, showing bullish pressure in line with our bullish bias.

Trading Recommendation

Entry: 126.806

Reason for Entry:

23.6% Fibonacci retracement and horizontal overlap support

Take Profit: 127.341

Reason for Take Profit:

-27.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 126.521

Reason for Stop Loss:

61.8% Fibonacci retracement and horizontal pullback support

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

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