EURJPY: Can buyers continue to move and hit new 2023 highs?
Today's focus: EURJPY
Pattern – Resistance Test
Support – 157.65 - 155.81
Resistance – 158.55 - 159.71
Hi, and thanks for checking out today's update. Today, we are looking at the EURJPY on the daily chart.
Since testing lower support, we have seen a solid bounce that has already had one reaction and a new higher high. This sets buyers up with just a few more things to do to get the overall trend back on track.
A break of current resistance and a break of 159.71 should see price at new 2023 highs and could confirm that the long-term trend is continuing. We need to see the current range beaten before we can start thinking of new yearly highs.
If sellers can hold at 158.55, this could set up a new resistance hold and stall the current rally.
Good trading.
Pattern – Resistance Test
Support – 157.65 - 155.81
Resistance – 158.55 - 159.71
Hi, and thanks for checking out today's update. Today, we are looking at the EURJPY on the daily chart.
Since testing lower support, we have seen a solid bounce that has already had one reaction and a new higher high. This sets buyers up with just a few more things to do to get the overall trend back on track.
A break of current resistance and a break of 159.71 should see price at new 2023 highs and could confirm that the long-term trend is continuing. We need to see the current range beaten before we can start thinking of new yearly highs.
If sellers can hold at 158.55, this could set up a new resistance hold and stall the current rally.
Good trading.