EURJPY reversed off horizontal swing high resistance, possibly edge lower
EURJPY reversed off our first resistance at 125.61(61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where a strong drop to our major support at 123.65(horizontal swing low support, 61.8% &100% Fibonacci extension). Stochastic is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.