EUR JPY long Idea

٦ يناير ٢٠٢٢

Since EURJPY fell to the support level of 127.7 in the middle of December, the pair has been in a modest uptrend. There has been a 3% rise in price and EURJPY is currently trading at the 130.850 area. Since setting a new monthly high of 131.55, there has been a small drop off in price, however there has been some buying pressure at around this current level which is also in line with a trendline that EURJPY has respected since the uptrend began. The RSI levels on the 1hr time frame are in oversold conditions which indicates that a rise in price is likely from this area. The target of this trade is at the previous high, assuming trend will continue. To mitigate losses, the stop-loss area will be located at the recent support level of 130.250.