EURJPY is approaching its support at 129.66 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where a bounce is expected, causing price to rise to its resistance at 131.95 (horizontal swing high resistance). Stochastic (55, 5, 3) is approaching its support at 4.7% where a corresponding bounce could occur.. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.