EUR/JPY analysis for August 16, 2017

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Recently, the EUR/JPY has been trading upwards. The price tested the level of 130.40. Anyway, according to the 4H time frame, I found a fake breakout of resistance in the background, which is a sign that buying looks risky, most recently, there is a breakout of a rising wedge, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 128.05.

Resistance levels:

R1: 130.30

R2: 130.70

R3: 131.35

Support levels:

S1: 129.25

S2: 128.60

S3: 128.15

Trading recommendations for today: watch for potential selling opportunities.

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

Source:: EUR/JPY analysis for August 16, 2017

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