In our previous Lite Forex technical forecast, the bullish movement was expected after the breakout, The market moves sideways and fails to break the watching level during this week. In our today analysis, I am sharing Daily and hourly technical view, it will help us to predict the closest overview of the current market.
Daily EURJPY Technical Analysis
The Descending Channel formation in a daily time frame chart clearly indicating the bearish trend, but at the same time, we are expecting a bullish move in the weekly technical analysis. The daily time frame chart will help us to spot the exact watching level to jump in the trade.
The descending channel is at its resistance zone and if the price moves up, breaks and close above the resistance of descending channel 130.00 then it will be the confirmation of break and may take price towards weekly target level 135.00
At the other end, if price reverses back from the resistance and closes below the support level of small channel show in the chart below, it will be the earliest signal of trend continuous and could help price to fall back towards 125.00 weekly bearish targets. The bearish breakout watching level is around 128.50
Please have a look at the Daily Technical chart below, I have drawn a chart for a better understanding.
EURJPY Daily Technical Chart
EURJPY Hourly Technical Analysis Forecast
The inside rising channel formation in the hourly chart is in the favor of bullish move but the price is still under the resistance level and we cannot jump for a bullish ride unless price clearly breaks the resistance level shown in the chart below.
The price could fall back as an alternative if fail to break the resistance. The support level is also mentioned in the chart below. It will help us to spot to earliest possible trend.
Please have a look at the Hourly chart to get the trade idea. I have mentioned bearish and bullish target levels with watching area zone.
Hourly EURJPY Technical Chart
Please keep in mind, We consider a break when price break and closes above or below the resistance or support.
EURJPY SUPPORT & RESISTANCE LEVELS
Support 1: 128.50
Support 2 : 125.00
Resistance 1: 129.30
Resistance 2 : 130.00
Resistance 3 : 135.00
Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.