FBS: Trade recommendation for EUR/JPY
Tatiana Norkina, an analyst at FBS
The bullishness of the market participants ran out rather quickly as soon as the currency pair could not break the barrier in the range of 137.25 this morning. Possible reversal of the two-day growth is confirmed by the divergence formed by oscillators.
It should be noted the changing nature of the Bollinger band: the Moving Average is set down and the tape is likely to be expanded in the downstream.
That’s why the breakdown of support level of 136.60 is possible today to further depreciation in the range of 135.80.
Technical levels: Support - 135.80, 136.30, 136.60; resistance - 136.80, 137.00.
1. Sell - 136.80; SL - 137.00; TP1 - 136.30; TP2- 135.80.