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Daily Market Analysis 12|05|2020: EURJPY

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Daily Analysis / Online Education

Daily Market Analysis 12|05|2020: EURJPY

Intraday: Bullish

Technical Analysis

Preference: 
Buy position is envisaged if price trades above 116.657 with take profit at 117.159
Alternative scenario: 
Sell position is envisaged if price trades below 116.340 with take profit at 115.944
Fundamentals:
No major economic data expected today

Comment: Technically the instrument look to surge upwards. On the H1 we see that there is a strong resistance limiting the instruments upward surge, this resistance has been tested and at the moment going for a retest. On the H4 we also see the instrument broke the 50EMA and looks to test the 200EMA, if this resistance is broken on the H1, the instrument would look for a higher resistance to settle.

Analysis: SCRUM Team

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