Nice identifications of the 2xCypher on EURJPY and there may be bullish bias as you have identified. For our set up, we have identified the key resistance and support levels. The support that we have identified is at 127.49. It is a horizontal swing low support with 61.8% Fibonacci extension and 76.4% Fibonacci retracement. Stochastic is bounced off its support at 3.7% where a corresponding rise could occur. If a rise does occur, we may want to look at the 129.80 resistance level, which is just below point C. It is a horizontal swing high resistance with 61.8% Fibonacci extension and 50% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.