FX:EURJPY   Euro / Japanese Yen
129 0 3
This pair has frustrated me a lot!

This pair is in a indecisive trend which could suggest the bulls are exhausted. We have been in an uptrend since 07/2013 with a peak in 12/2014. The mid price (50% fib) is 121.800. This is in confluence with AB=CD completion around 120.000

I see many confluences to the downside. A break and close above the Descending channel resistance will invalidate this idea unless it's a clear fake-out.

We are trading above the MA's atm however we have crossed over to the downside and it is the first day of the week so we could see a rally to the 50% Fib (DTL res) before tanking lower to make new lows.
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