FBS: trade recommendation for EUR/JPY
Tatiana Norkina, an analyst of FBS
The currency pair acquits bearish expectations. Yesterday's sales of the 136th figures remain relevant as the pair moved below the local support level of 135.80. Bollinger band confirms the bearish trend by the declining of the Moving Average. Also the RSI meaning continues to fall.
At the same time, MACD may form a divergence if bears will not be able to update the lows of 135.50 anytime soon. Therefore, stop loss orders are recommended to pull closer to the 136.00.figure. The target of 135.00 remains relevant.
Technical levels: Support - 135.00, 135.60; resistance - 135.80, 136.00.
1. Sell - 136.00; SL - 136.30; TP1 - 135.00 (deduct yesterday's position).