FBS: Trade recommendations for EUR/JPY
Tatiana Norkina, FBS analyst
The market is represented by the steady bullish trend. Today, the pair managed to break through a powerful range of 142.40-142.70, which opens the way to the next important level of 143.80. Currently trades are conducted just above 142.70 and consolidation can be considered here as a signal to buy. In addition, RSI moves out of an overbought zone.
At the same time, MACD has formed a divergence with the price chart on a larger timeframe, warning about the imminent reversal.
Technical levels: Support - 142.70; resistance - 143.80.
1. Buy - 142.70; SL - 142.40; TP1 - 143.80.
2. Sell - 143.80; SL - 144.00; TP1 - 142.70; TP2 - 140.80.