EURJPY bounce off the strong support for an upside continuation
EURJPY is bouncing off the strong support of 126.20. A confirmed continuation here is giving us a higher probability of the long trade entries to target 130. A rejection here and a break below 126.20 is now required for the downside reversal and a larger pullback. The overall medium-term is uptrend and we are seeing a confirmed continuation above 126.50 for an extension higher. A bounce off this support means that we will see a continuation higher to 130 rising wedge resistance.
Note – We are inclined to long trade entries with the stop loss below 126.20.
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