FX.co ★ EURJPY Potential For Dips| 6th Dec 2021

Prices are on a bearish momentum and abiding to our bearish trendline. We see potential for a dip from our 1st resistance at 128.016 which is a graphical overlap and area of Fibonacci confluences towards our 1st support at 127.324 which is an area of Fibonacci confluences. Breaking the 1st support will find prices dipping further towards our 2nd support at 126.703 in line with 127.2% Fibonacci extension. Technical indicators are also showing bearish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 128.510 which is an area of Fibonacci confluences and also in line with our bearish trendline.

Trading Recommendation

Entry: 128.016

Reason for Entry:

Area of Fibonacci confluences and also graphical overlap

Take Profit: 127.324

Reason for Take Profit:

Area of Fibonacci confluences

Stop Loss: 128.510

Reason for Stop Loss:

Area of Fibonacci confluences and also in line with our bearish trendline