Recently, the EUR/JPY pair has been trading downwards. The price tested the level of 124.17. Anyway, according to the 30M time frame, I found a potential breakout of horizontal trading range, which is a sign that selling looks risky. There is a hidden bullish divergence on the moving average oscilator in the background, which is another sign of strength. Watch for potential buying opportuntiies. The upward targets are set at 124.80 and 124.90.
Fibonacci pivot levels:
R1: 124.42
R2: 124.50
R3: 124.60
Support levels:
S1: 124.25
S2: 124.20
S3: 124.12
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com