EURJPY – Breaking Below Key Support Zone. Time To Sell? | May 29

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Chris Capre’s live open price action and ichimoku trades: EURUSD, GBPUSD, AUDJPY, EURJPY, EURCZK, EU50

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EURJPY – Breaking Below LT Key Support Zone (Weekly chart)

Price Action Context

With almost no signs of bullish order flow over the last few weeks, price has slowly been chewing its way through the LT key support zone we’ve mentioned in earlier commentaries, and this week we’re seeing the first solid attempt by bears to fully clear this support zone.

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Trending Analysis

A strong weekly close below this support zone would open up for a potential bearish continuation towards 1.1860, whilst a bullish impulsive move back above the support zone would render this a false break and put 1.27 back into focus.

Key Support & Resistance Zones

R: 122.50 – 124.00
S: 118.60 – 117.70

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