Recently, the EUR/JPY has been trading upwards. The price tested the level of 130.40. Anyway, according to the 4H time frame, I found a fake breakout of resistance in the background, which is a sign that buying looks risky, most recently, there is a breakout of a rising wedge, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 128.05.
Resistance levels:
R1: 130.30
R2: 130.70
R3: 131.35
Support levels:
S1: 129.25
S2: 128.60
S3: 128.15
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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