EUR/JPY - Symmetrical triangle breakout on hourly
Resistance 124.05, 124.65, 125.00
Support - 123.54, 123.00, 122.61
Pair's bullish break from symmetrical triangle formation has opened doors for 124.05 (38.2% of 128.22-121.48)-124.17.
However, it would take a day end closing above 124.17 (May 17 high) to convince bulls regarding a further upside in the pair.
On the other hand, a break below 122.90 would signal bullish invalidation and expose support at 122.61 (May 16 low).
Note.. failure to sustain above 122.90 would reinforce bearish daily RSI.
Support - 123.54, 123.00, 122.61
Pair's bullish break from symmetrical triangle formation has opened doors for 124.05 (38.2% of 128.22-121.48)-124.17.
However, it would take a day end closing above 124.17 (May 17 high) to convince bulls regarding a further upside in the pair.
On the other hand, a break below 122.90 would signal bullish invalidation and expose support at 122.61 (May 16 low).
Note.. failure to sustain above 122.90 would reinforce bearish daily RSI.
