EUR/JPY analysis for March 21, 2018



Recently, the EUR/JPY pair has been trading sideways at the price of 130.48. According to the 30M time frame, I found that price has broken the upward channel (bearish pennant) in the background, which is a sign that buying looks risky. I also found a strong downward leg in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. Downward targets are set at the price of 130.32 and at the price of 129.60.

Resistance levels:
R1: 131.30
R2: 132.20
R3: 132.65
Support levels:
S1: 129.93
S2: 129.44
S3: 128.53

Trading recommendations for today: watch for potential selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.