Recently, the EUR/JPY has been trading sideways at the price of 129.30. According to the 4H time frame, I found a bullish fake breakout of the trading range in the background, which is a sign that buying looks risky. I found that Stochastic got an overbought condition and my advice is to watch for potential selling opportunities. The first downawrd target is set at the price of 128.00 (previous swing low).
Resistance levels:
R1: 129.30
R2: 129.40
R3: 129.55
Support levels:
S1: 129.00
S2: 128.85
S3: 128.75
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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