Facts:
- The pair bounced off the key support zone 172.17-172.33
- Short-term trend from the beginning of August remains upward
Recommendation:
Trade: Long position on EURJPY at market price
Target: 173.23, 173.51
Stop: 171.95
Opinion: EURJPY reached the key technical support today. The price bounced off the lower limit of 1:1 structure, signalling that the short-term trend remains upward. The aforementioned support area 172.17-172.33 is also a result of previous price reactions as well as 100-period moving average from h1 interval. According to the Overbalance methodology, as well as the price sits above the aforementioned support zone, the main trend prevails upward. We recommend going long EURJPY at market price with two targets: 173.23 and 173.51. We also recommend placing a stop loss order at 116.50. Source: xStation5
