EUR/JPY: Trade ideas for July 29
The EURJPY has found strong support at the 136.70 level, where is located the 61.8 Fibo level. There, the pair made a rebound, so the EURJPY is trying to stay above the support level of 136.80 (50.0 Fibo level) on the H1 chart. This pair could rise to the resistance level of 137.24 in the coming hours.
However, if the EURJPY manages to make a breakout in the support level of 136.70, it's expected to fall to the level of 136.51, where is located the 78.6 Fibo level. Also, if the EURJPY manages to make a breakout at that level, our bullish intraday outlook could get invalidated. The CCI indicator is showing a bearish divergence.
Trading recommendations: Place buy orders if the EURJPY does a breakout at the resistance level of 136.90, with take profit according to your strategy's rules (137.24 level is recommended).