EURJPY is approaching our first resistance at 126.68 (horizontal overlap resistance, 23.6% Fibonacci retracement) and a strong reaction might occur below this level pushing price down to our major support at 123.35 (horizontal swing low support, 100% Fibonacci extension, 50%, 61.8% Fibonacci retracement). We are also seeing a shooting star formed and Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price.
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RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results