• Dec 11, 2024
  • Trade ideas

EURJPY: Ascending Channel

EURJPY, H4

EURJPYH4.png

EURJPY is navigating within a rising channel and is currently faces the 160.20 resistance level, aligned with the 38.2 Fibonacci ratio.
The %R shows a an overbought conditions and the 100-MA gives an extra layer of resistance for the asset.

  • If the price breaks above the 160.20, it will trigger a rise to 162.80 resistance.
  • However, bouncing from the 38.2 Fibonacci will drop the asset the 156.40 level.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul