FBS: Trading recommendations for EUR/JPY
Tatyana Norkina, an analyst of FBS
On Friday the pair broke below the important support level 136.30, denoting commitment of bears to keep the downtrend in the near term. But the pair found an intermediate level in the area of 135.60, which suspended the sag. By the results of the morning session, the price jumped back to 136.30, from which most likely will continue to decline.
Short-term recovery reversed the oscillator’s lines, but Bollinger Band still confirms the advantage of the bears.
Technical levels: Support - 135.60, 135.00; resistance - 136.30, 136.60.
1. Sell - 136.30; SL - 136.50; TP1 - 135.60; TP2 - 135.00.
2. Sell - 136.60; SL - 136.80; TP1 - 135.60; TP2 - 135.00.