EURJPY short-term bullish bounce | 23rd Sep 2021

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Price is holding below the descending trendline resistance, however we are expecting price to be making a short-term bullish bounce as price is seen to bounce off the 1st support. We can expect the price to bounce from the 1st Support and ride the bullish momentum towards the 1st resistance in line with 61.8% Fibonacci projection, 61.8% Fibonacci retracement and descending trendline resistance. Our short-term bullish bias is further supported by the MACD indicator where the MACD line cross over the signal line.

Trading Recommendation

Entry: 84.760

Reason for Entry:

78.6% Fibonacci projection

Take Profit: 86.999

Reason for Take Profit:

61.8% Fibonacci projection

Stop Loss: 83.571

Reason for Stop Loss:

127.% Fibonacci Retracement

The material has been provided by InstaForex Company - www.instaforex.com

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