The price is on a strong resistance
EUR/JPY started a descending trend in second of Jun. The trendline as broken in 25th of Aug, the price, once again, raised up to 130.7 and then again retested the broken trendline. Right now as CapitalCore Ltd team believes, the price is once again at a very important level. out breaking of this level would be followed by a strong bullish or bearish move. the overall look of the chart at the moment is bullish.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The price is right now at 130, RSI is almost on 70 and the price is getting closer to 0.618 of Fibonacci Retracement which is located on 130-130.5 this level has acted as a resistance several times before. In case the price can penetrate this level, we can be expecting to see the price at about 132.5 which is the next strong resistance, 136.5 also would be the other target and bulls can be expecting to see the price there too, if the ascend is powerful enough. On the other hand, if 0.618 level of Fibonacci Retracement can resist once more, the bears would take power. In this case the first goal of the descending wave would be 129.3 and the next one would be 128.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.