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

Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance and 78.6% fibonacci retracement where we could see a further drop to our first support target. The Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 126.325

Reason for Entry:

horizontal swing high resistance and 78.6% fibonacci retracement

Take Profit: 125.158

Reason for Take Profit:

50% fibonacci retracement, 100% fib extension

Stop Loss: 126.916

Reason for Stop Loss:

horizontal pullback resistance