EUR/JPY has bounced off the pivot which acts as a pullback support and could rise to the 1st resistance.
Pivot: 159.86
1st Support: 158.69
1st Resistance: 161.22
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Also on:,# EUR/JPY Price Analysis: Current Outlook and Resistance Levels
## Key Points Breakdown
– **Current Trading Status**: The EUR/JPY pair has recently bounced off its pivot point, which serves as a pullback support.
– **Pivot Level**: The identified pivot level is at 159.86.
– **Support and Resistance Levels**:
– **1st Support**: Positioned at 158.69.
– **1st Resistance**: Expected to rise towards the 161.22 mark.
– **Market Sentiment Risk Warning**: Emphasizes the high level of risk involved in trading Forex and CFDs, stating that investors should only use capital they can afford to lose.
– **Investment Advisory Disclaimer**: It is highlighted that the information provided does not constitute personal investment advice and reminds readers to seek independent financial guidance.
## Conclusion
In summary, the bounce off the pivot point at 159.86 indicates a potentially bullish outlook for the EUR/JPY pairing, suggesting a move towards the first resistance at 161.22 could be on the horizon. However, traders should remain cognizant of the inherent risks associated with Forex trading and proceed cautiously, particularly in volatile market conditions. Overall, while the technicals are currently favorable for a short-term rally, thorough risk management practices are essential in this unpredictable market.
Disclaimer. The opinions expressed by our writers are their own and do not represent the views of JustInvestNews . The financial and market information provided on JustInvestNews is intended for informational purposes only. JustInvestNews is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Original article: https://www.tradingview.com/chart/EURJPY/8UYjEGjY-Bullish-rise-off-major-pullback-support/
