EUR/JPY: Trade ideas for Sep. 4
The EURJPY finding support near to the level of 137.30, where could be a strong rebound to continue with the bullish trend in the medium term, but that this is given, this pair would have performed a breakout in the resistance level of 138.26.
However, the EURJPY could fall up to the support level of 137.22 where is located the 500 EMA and the 61.8 Fibo retracement level. However, it is recommended to wait for the formation of a bullish pattern to continue putting buy orders in the EURJPY. The RSI indicator stays in neutral territory.
Trading recommendations: Put buy orders if the EURJPY does a breakout at the resistance level of 138.46, with take profit at 139.10 or if this pair peforms a rebound at the support level of 137.42 (50.0 Fibo retracement level).