Daily Forex Update: EUR/JPY
The EUR/JPY has formed a Triangle pattern on the 60-minute chart, with prices squeezed into a narrow trading range between 125.55 and 125.05. The current market support above the 125.00 "big figure" level indicates that buying support exists here, since prices first broke higher through the level on April 19 (1). This makes 125.00 a "common number," meaning it has at one time acted as both resistance and support. Bottom line: Traders are watching – and reacting – at this level.
- 21 April |
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