EURJPY supported.

In our analysis yesterday on EURJPY we mentioned that at the 129.34 we prefer to be bullish because the risk reward ratio is in favor of the bullish reversal scenario. Price is now trading at 129.60. Price is turning higher.

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Red line -resistance

Blue line - Bullish divergence

Green line - expected path

We continue to be bullish EURJPY. If price breaks above the red resistance trend line at 130 we will have an important bullish signal. So far we only have a bullish divergence by the RSI. The RSI is respecting its support trend line and is turning higher together with price. That is the main reason we wanted to turn bullish yesterday. The risk for bulls remains at 128.75.

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

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