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

Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance, 78.6% fibonacci retracement where we could see a further drop below this level to our first support target. A break below our downside confirmation level would provide the bearish acceleration to our first support target.

Trading Recommendation

Entry: 126.596

Reason for Entry:

horizontal swing high resistance, 78.6% fibonacci retracement

Take Profit: 126.019

Reason for Take Profit:

Horizontal swing low support, 61.8% fibonacci retracement, 127.2% Fibonacci extension

Stop Loss: 126.755

Reason for Stop Loss:

127.2% fibonacci retracement