Trading Ideas for EUR/JPY - possible bearish reversal to be started
Skandinaviska Enskilda Banken made some technical analysis for EUR/JPY estimated the weekly bearish reversal for EUR/JPY.
As we see from the image above - the price is ranging within 100 period SMA and 200 period SMA between Fibo resistance level at 141.05 and support level at 131.59. descending triangle pattern was formed by the price to be broken from above to below. If the price breaks Fibo resistance level at 141.05 so we may see the bullish market condition, if the price breaks support level at 131.59 so it may be good possibility to the bearish reversal.
| Resistance | Support |
|---|---|
| 141.05 | 131.59 |
| 147.02 | 126.09 |
If the price will break support level at 131.59 so we may see the bearish reversal as a next start with this trend.
If the price will break Fibo resistance level at 141.05 so the bullish trend will be started.
If not so we may see the ranging within the levels.
- Recommendation for long: watch the price to break 141.05 for possible buy trade
- Recommendation
to go short: watch the price to break 131.59 support level for possible sell trade
- Trading Summary: ranging
SUMMARY : ranging
