EUR/JPY 132.000 Achieved
EUR/JPY: As suggested in the previous post, we finally achieved our pending target of 132.000. We missed hitting this target by 25 PIPs 11 days ago, reaching a high of 131.750. After falling back to the weekly support price point of 130.000, we have seen the euro gain strength and rally 250 PIPs in three days. We are currently at similar levels compared to previous highs back in February 2016. During the last five months alone, we witnessed the price soar 1680 PIPs to the upside. We are monitoring the price to either break through 132.000 or form a rejection from this major key level of resistance.
Previous:- We responded brilliantly off the key level of support at 128.000, having seen accelerating price action after retesting this level. What we can see on a weekly time frame is a reversal pattern and a huge rejection candlestick that engulfed the previous weeks. It is certainly suggesting that we could witness higher prices on EUR/JPY soon. With concerns over North Korea, we saw the price spike to the downside before pulling itself back from retesting the key level of support at 130.000. The price can, in fact, go and reach price points as high as 132.000 and beyond judging by the strength of last week.