FX Price Action – EURJPY Offering Pullback Setup | May 13th
EURJPY – Uptrend Likely To Continue
Getting back from some international travel, the JPY pairs look set to continue their uptrends, with every one last week breaking through the yearly highs, and now holding well above them. Amongst them, the EURJPY has shown strength in maintaining the air above the former resistance level, most consolidating, suggesting no real sellers have stepped in. I do not expect any serious selling to emerge now that the stops have been tripped on the clearing of the former resistance level.
So I will look for a pullback setup towards this role reversal level at 131.12 to get long and rejoin the uptrend. The line of least resistance is up, and there are many layers below to support the pair, so look to get long into support levels, targeting 134 and 135.91 which go back to 2009 key swing highs.
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