FX.co ★ EURJPY reacting below descending trendline ! Further drop expected!

Price holding below long term descending trendline resistance and also coming close to previous swing high. We can expect a short term pull back below our 1st resistance at 128.926 towards the graphical swing low and 1st support at 128.355. Price is holding below moving average as well.

Trading Recommendation

Entry: 128.926

Reason for Entry:

38.2% Fibonacci retracement, Moving average resistance

Take Profit: 128.355

Reason for Take Profit:

Graphical swing low

Stop Loss: 129.111

Reason for Stop Loss:

50% FIbonacci retracement, Descending trendline resistance