EURJPY has ended in a doji candlestick formation for two consecutive days in the previous week near 124.75-125.00 range indicating resistance there; RSI has also flattened supporting the above observation. Further the currency pair is at the resistance of the downward sloping trend line signifying overhead resistance, it would be prudent to say that upside is capped and a correction is likely to ensue in the near term. EURJPY could decline towards 124.40 and 124.15 while it sustains below 125.20.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.