FxWirePro: Bullish Cypher Completed on EUR/JPY, Good to Go Long, Weakness Only Below 122

FxWirePro: Bullish Cypher Completed on EUR/JPY, Good to Go Long, Weakness Only Below 122

15 April 2016, 09:41
Roberto Jacobs
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FxWirePro: Bullish Cypher Completed on EUR/JPY, Good to Go Long, Weakness Only Below 122

  • A Bullish Cypher pattern completed on EUR/JPY daily charts. We see weakness only below 122 levels.  
  • The pair has also taken strong trendline support at 122.72 on Thursday's trade. 
  • Scope for upside test of 125.38 (50% Fib retrace of 128.221 to 122.539 fall) and further bullishness could see 126 levels (61.8% Fib retrace of 128.221 to 122.539 fall). 
  • Stochs on daily charts are at oversold levels and downside momentum on MACD is fading.

Recommendation: Good to go long at dips around 123 levels, SL: 122, TP: 124/124.70/125.30 

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