EUR/JPY Testing Support, Prepare For A Bounce

EUR/JPY is approaching its support at 127.94 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback support) where the price is expected to bounce up to its resistance at 129.69 (61.8% Fibonacci retracement, horizontal swing high resistance).

Stochastic (55, 5, 3) is approaching its support at 2% where a corresponding bounce is expected.

EUR/JPY is testing its support where we expect to see a bounce.

Buy above 127.94. Stop loss at 127.01. Take profit at 129.69.

Analysis are provided by InstaForex