Technical analysis

EURJPY hitting trendline resistance level | 27th April 2017

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EURJPY technical analysis: Short entry triggered | 27th April 2017

First critical Resistance: 122.06 (Trend line resistance)

Second critical Resistance: 124.07 (High of 14th December 2016)

First critical Support: 117.80

Second Critical Support: 114.85

Overall Sentiment: Bearish ∇

The EURJPY pair formed a nice bearish pin bar after hitting the bearish trend line resistance level at 122.06 in the daily time frame. We have taken aggressive short entry in the EURJPY pair with a tight stop loss placed above the pin bar tail at 122.20.The first initial bearish target for this pair is at 117.00 level. A clear break of that support level will bring strong bearish momentum in the market.

Technical analysis

EURJPY daily technical analysis (Live trade in place)

Though short trade is in place but a clear break of the critical resistance level will lead this pair towards the next critical resistance level at 124.07.A daily closing above that level will confirm the establishment of the newly formed bullish trend in the market.

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