FBS: trade recommendation for EUR/JPY
Tatiana Norkina, FBS analyst
The support level of 136.60 was stronger than it was expected. So after yesterday's testing, the currency pair was consolidated in a relatively narrow range of 136.60-137.00 that day. Moreover the Bulls are trying to break through the resistance level of the figure.
Oscillators are supporting the bullishness: the MACD histogram has grown to zero, but the RSI is gradually restored to the upper boundary of the channel.
The Bollinger Band is expanding with the moving average rising.
Therefore, we can see the upleg of the pair to 137.50 until the end of the day, but the main downtrend is still in force.
Technical levels: Support - 136.30, 136.60; resistance - 137.00, 137.50.
1. Buy - 137.00; SL - 136.80; TP1 - 137.50; TP2 - 137.80.
2. Sell - 137.50; SL - 137.70; TP1 - 136.60; TP2 - 136.30.