EURJPY near Fibonacci resistance

17 March 2021

EURJPY is trading in a higher top higher bottom formation suggesting the trend to be positive in the near term, further it is also trading above the 20-day SMA supporting the above observation. The current decline experienced in the past two trading sessions looks to be an organic correction and is likely to find buyers. It is likely that EURJPY could advance towards $130.20 and 131.00 while it sustains bellow 129.50.

Prepared by
Technical Analysis Team

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