- September 14, 2022
- Posted by: Tradingshot Articles
- Category: Forex
The EURJPY pair is pulling back currently after marginally breaking above the June Resistance Zone. This continues to repeat the fractal of 2020 as we pointed out in our last analysis:
As you see the projection was correct as the price rebounded exactly on the 1D MA200 (orange trend-line) just like on November 02 2020 and hit the Resistance Zone. If the fractal continues to play out, then it was on January 15 2021 when the price pulled-back and hit the 1D MA50 (blue trend-line) and extended the rise. The 1D MA50 is now at 138.710 and rising rapidly. Most likely contact will be made once the MACD on the 1W time-frame completes that Bullish Cross that is emerging. Our long-term target is 147.500, just below the 4.0 Fibonacci extension.