Forex Price Action – EURJPY At Major Resistance | Nov. 19th
After having an impressive run, climbing over 400+pips in the last week, the EURJPY is now sitting under critical resistance at 104.50 which is a double top level and a 6-mos high for the pair. Considering how fast and impulsively it got here, I would not be excited selling just yet, but the level offers plays for both sides.
For the bears, watch for price action reversals signals on the 4hr chart along with some weakening heading into the level. If this plays out, a sell order around the level targeting 103 and 100.50 could yield a handy profit.
For bulls, you’ll want to wait for a breakout-retest setup above the level before going long as this may want to continue its upside assault – so plays for both sides.
Upcoming Economic Announcements:
|AUD Reserve Bank Board Minutes||19.30EST|
|EUR German Producer Prices (YoY)||02.0EST|
|USD Housing Starts||08.30EST|
|EUR Euro-Area Finance Ministers Meet on Greece||11.00EST|
|USD Fed Chairman Bernanke Speaks at Economic Club of New York||12.15EST|
|AUD Westpac Leading Index (MoM)||18.30EST|
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