FX.co ★ EURJPY Potential For Bearish Reversal | 23rd March

On the H4, price is dropping to the ascending trendline. Price is near 1st resistance level of 134.160 in line with 161.8% Fibonacci extension. Price can reversal towards the 1st support level of 131.585 which is in line with 23.6% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator where price is at resistance level.. Alternatively, price might move towards the 2nd resistance level at 135.532 which is in line with 127.2% Fibonacci extension.

Trading Recommendation

Entry: 134.160

Reason for Entry: 161.8% Fibonacci extension.

Take Profit: : 131.585

Reason for Take Profit: 23.6% Fibonacci retracement.

Stop Loss: 135.532

Reason for Stop Loss: 127.2% Fibonacci extension.