EUR/JPY: Trade ideas for August 20
The EURJPY has been moving in the range from several days ago, finding resistance at the level of 137.51, where is located the 78.6 Fibo retracement level in the H1 chart. In addition, this pair is kept below 500 EMA.
If the EURJPY manages to make a breakout at the support level of 136.87, the next objective in the bearish road will be the support level of 136.28, where this located 23. 6 Fibo level retracement. The CCI indicator is showing a bullish divergence, it is likely that this pair will start to strengthen a bearish bias in this chart.
Trading recommendations: Place sell orders if the EURJPY does a breakout at the support level of 136.87, with take profit at 136.28.