EURJPY is approaching our first resistance at 129.997 (horizontal swing high resistance, 23.6% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 129.00 (horizontal swing low support, 100% Fibonacci extension). A breakout below our intermediate support at 129.25 (horizontal swing low support) might provide the bearish acceleration to our major support level. Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias. Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.