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.
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?
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.