Forex Trading Library

Trade of the Day – EURJPY – Dip buying close to the confluence area

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EURJPY – Intraday – We look to Buy at 122.10 (stop at 121.65)

The rally was sold and the dip bought resulting in little net change yesterday. A sequence of intraday lower lows and highs has been posted. Levels close to the 61.8% pullback level of 122.15 found buyers. The selloff has posted an exhaustion count on the intraday chart. Bespoke resistance is located at 123.61. There is scope for mild selling at the open but losses should be limited. Bespoke support is located at 122.10.

Our profit targets will be 123.60 and 124.00

Resistance: 123.61 / 124.84 / 127.07
Support: 122.10 / 121.00 / 120.68

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