FBS: Trading recommendations for EUR / JPY
Tatiana Norkina, FBS analyst
The market developed a bullish scenario yesterday practicing previous long-terms recommendations. The currency pair reсovered to 137.80 resistance at closing. However, it became clear today that bulls can’t afford taking this level. Therefore, an update of the recent lows should be expected in the nearest future in case of breakdown of support figures 137.00 .
Bearish moods of market traders are confirmed by the data of the oscillators, which headed for a fall, as well as Bollinger Bands, which’s expanding in the downward direction.
Herewith, we can’t exclude the possibility of return to 137.40 / 137.50 . That’s why the sell of currency pairs could be relevant for these levels.
Technical levels: Support - 136.30, 136.60; resistance - 137.00, 137.50.
1. Sell - 137.40 / 50; SL - 137.70; TP1 - 136.60; TP2 - 136.30.