MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

EURJPY breaks out of bullish channel after huge upward move that started almost a year ago.

EURJPY has been in a clear well defined upward sloping channel since October 2020 and the 122 price level. Since the price has been making higher highs and higher lows inside a bullish channel but only recently we saw this channel being broken. This is an important event as it could be the start of a bigger reversal.

analytics60cf6d2b58e5a.jpg

Red lines- bullish channel

Blue lines - Fibonacci retracement levels

EURJPY has broken below the bullish channel. Usually when price breaks out of multi month channels, price pulls back at least towards the 38% Fibonacci retracement of the latest start of the trend. The start of this trend started back in October of 2020 when price was reversing to the upside from the 122 price level. The 38% Fibonacci retracement 129.30 area and we expect price to at least test this short-term Fibonacci support level. Price is vulnerable to a bigger decline, however a back test of the broken channel from below around 132 is also justified before moving towards the Fibonacci support levels.

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