FX.co ★ EURJPY is facing bearish pressure, potential for further drop!

Price is facing bearish pressure from our first resistance, in line with our 61.8% fibonacci extension, 38.2% fibonacci retracement and horizontal pullback resistance where we could see a reversal below this level to our first support level. Ichiomku cloud is showing signs of bearish pressure in line with our bearish bias.

Trading Recommendation

Entry: 124.555

Reason for Entry:

61.8% fibonacci extension, 38.2% fibonacci retracement and horizontal pullback resistance

Take Profit: 122.355

Reason for Take Profit:

61.8% fibonacci retracement and horizontal overlap support

Stop Loss: 125.398

Reason for Stop Loss:

Horizontal pullback resistance, 61.8% fibonacci retracement