FX.co ★ Short-term outlook on EURJPY.

EURJPY is trading around 129.50. Short-term trend remains bearish as price is making lower lows and lower highs. However over the last couple of sessions, price has stopped the decline at key Fibonacci support level and is mostly moving sideways.

Red line - support trend line

The decline in EURJPY has stopped on top of key Fibonacci support and at the red support trend line. Bulls have hopes for a move higher towards 130.50-131. The bullish scenario will be canceled if price breaks below the blue and red lines. Breaking below support will imply that bears remain in control of the trend and price is heading lower.