EUR/JPY forming a very nice reversal pattern, remain bullish

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The price has started to form a really nice reversal pattern. We remain bullish looking to buy on dips above major support at 132.63 (Fibonacci retracement, horizontal pullback support, Fibonacci extension, bullish divergence) for a push up to 133.74 resistance (Fibonacci extension, horizontal swing high resistance) once again.

Stochastic (34,3,1) is seeing major support at 0.4% where we expect a corresponding bounce to occur. We can also see bullish divergence vs price signaling that a bounce is impending.

Buy above 132.63. Stop loss is at 131.87. Take profit is at 133.74.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: EUR/JPY forming a very nice reversal pattern, remain bullish

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