Both Coinbase and EUR/JPY are seeing upswings this week!
Will key resistance levels on the daily time frame limit the bulls’ hustle?
See what’s up on their charts!
Coinbase Global Inc. (COIN): Daily
First up is Coinbase Global Inc. (COIN), which just announced that it was laying off 20% of its staff.
The stock was unbothered, though, as it extends its bounce from $32.00 to its current $43.00 prices.
COIN buyers better watch out for the $46.00 handle that was a key support in mid-2022 and an area of interest in November to December.
And if market bulls bust through $46.00, traders still gotta worry about the 50% Fib that lines up with the $50.00 psychological handle.
But what if COIN sustains its bullish momentum?
Clear breakouts above the resistance zones that we’re watching could set COIN up for a move to the $62.00 inflection point if not the $75.00 previous resistance area.
EUR/JPY: Daily
Reversal traders gather ’round!
EUR/JPY has been poppin’ up lower lows since the pair hit a resistance at 147.50.
Does this mean that EUR/JPY’s months-long uptrend is over?
We gotta wait for the next candlesticks because the pair just went back above the daily chart’s 200 SMA and the dynamic support line is suggesting that the uptrend may still be intact.
A rejection at the 100 SMA near 143.00 could drag EUR/JPY back down to 140.00 if not below the 200 SMA.
But if EUR/JPY surpasses December’s highs, then bulls can consider a trend continuation play that might last for months.
