News & Analysis

Chart of the Day: Thursday 23rd May

May 24, 2019
EURJPY – Point & Figure

Today’s Chart of The Day is EURJPY using the Point & Figure method.

We’re reaching a critical junction with this pair as shown by the double bottom support located at the 122.50. Below this level, we could potentially see the pair head into freefall as there does not appear to be any other major support regions nearby.

Should the longer-term downtrend continue as highlighted by the bearish resistance line, we could see a downside target of 115.25 before the EURJPY price finds reasonable levels of demand.

Alternatively, any upside moves above the 124.00 – 126.00 will be eyed as a potential change in the overall trend and perhaps renewed Euro strength.

By Adam Taylor CFTe

Sources: Go Markets, MetaTrader4, Tradingview, Bloomberg

Disclaimer: Articles and videos from GO Markets analysts are based on their independent analysis. Views expressed are of their own and of a ‘general’ nature. Advice (if any) are not based on the reader’s personal objectives, financial situation or needs.  Readers should, therefore, consider how appropriate the advice (if any) is to their objectives, financial situation and needs, before acting on the advice.