EURJPY, H2
In the H2 timeframe, EURJPY tests the crucial resistance zone at the 167.00 level aligned with the 38.2 Fibonacci ratio. Retail investors and hedge funds are using yen interventions as an opportunity to buy dollars, which is keeping pressure on the Japanese currency.
- If the price surpasses the 167.00 resistance, it will propel to 168.70 resistance;
- However, if EURJPY rebounded from the resistance zone, the corrective move would trigger a decline to 165.70.
Conclusion
In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.
