Saturday, December 23, 2017

EUR/JPY Continues Testing The Resistance Around 134.40 – 134.50.

EUR/JPY continues testing the resistance around 134.40 – 134.50 and in the meantime the RSI indicator on the W1 time frame tests the trend line for a fourth time without being able to break out above it.

I think that if it does break out we could say with a large amount of certainty that the pair will continue rallying and the next resistance level will be around 137.00.

In the alternate scenario the first support for the pair is in the zone around 131.70 – 131.80. This support has been stopping the depreciation of the pair for ten weeks and it is obvious it won’t be easy to break out below it.

And last but not least, since tomorrow is Christmas I want to say Merry Christmas to all who celebrate it!