As we can see eurjpy is clearly in a downtrend displaying continual lower highs and lower lows.
Price came down to test and bounce off the 126.1 support level and is currently retracing to our critical "acceleration zone".
our confluences for this acceleration zone:
61.8 fib level, major resistance,descending trendline and 200EMA so we are anticipating a pullback and continuation into the downtrend,
We are targeting the 126.5 level as our 1st target and if we see a break of this level we will be targeting the 120.00 area which is a psychological level.
We shall look for long positions if we see a clear break of our resistance level @ 132.00 and outer trendline in which we will be targeting the 137.00 level. However our favorable overall bias at this current moment of time is short.
Price came down to test and bounce off the 126.1 support level and is currently retracing to our critical "acceleration zone".
our confluences for this acceleration zone:
61.8 fib level, major resistance,descending trendline and 200EMA so we are anticipating a pullback and continuation into the downtrend,
We are targeting the 126.5 level as our 1st target and if we see a break of this level we will be targeting the 120.00 area which is a psychological level.
We shall look for long positions if we see a clear break of our resistance level @ 132.00 and outer trendline in which we will be targeting the 137.00 level. However our favorable overall bias at this current moment of time is short.
Trade active:
TARGET 1 ACHIEVED
