FX.co ★ EURJPY holding below descending trendline resistance! Drop incoming!

EURJPY is holding below descending trendline resistance. With price now below moving average, a short term drop below our 1st resistance at 129.304 towards graphical overlap support and our 1st support at 129.013 could be possible.

Trading Recommendation

Entry: 129.304

Reason for Entry: 23.6% Fibonacci retracement, descending trendline resistance

Take Profit: 129.013

Reason for Take Profit: -27.20% Fibonacci retracement

Stop Loss: 129.534

Reason for Stop Loss: 61.8% Fibonacci retracement, Graphical swing high.