EUR/JPY: Attention - possible break above 122.00 resistance

28.04.2017 / 13:50

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EUR/JPY: The price is just below the diagonal resistance

If the price passes above the 122.00 mark and if it closes above that level, we may see a break above the resistance.

If the price passes above the 122.00 it will give us a positive signal for possible long move - Engulfing bar.

Until we have a break above this important level of 122.00 the chances are higher for a possible move lower, as the trend is short and we have a Pin bar at a level of resistance.

The data today from Europe regarding the inflation, does show higher levels, which may cause a break above resistance.

The indicators are in bullish terriroty, which also increases the chances for a break above the level of 122.00

RVI shows that short term move is still long.

Long only after a break above 122.00 and SL just below 120.58

The fundamental picture is for a stronger Euro after the data showing higher inflation against the JPY.

If the price passes below the level of 120.58 will increase the chances for lower move from here.

Stefan D. Angelov - Head of Stocks Trading

Varchev Traders

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EUR/JPY: Attention - possible break above 122.00 resistance

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