12.08.2021 04:25 PM
Short-term outlook on EURJPY.

EURJPY is trading around 129.50. Short-term trend remains bearish as price is making lower lows and lower highs. However over the last couple of sessions, price has stopped the decline at key Fibonacci support level and is mostly moving sideways.

This image is no longer relevant

Blue line - Key Fibonacci support

Red line - support trend line

The decline in EURJPY has stopped on top of key Fibonacci support and at the red support trend line. Bulls have hopes for a move higher towards 130.50-131. The bullish scenario will be canceled if price breaks below the blue and red lines. Breaking below support will imply that bears remain in control of the trend and price is heading lower.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback