easyMarkets
Short

EURJPY approaching major resistance, potential drop!

FX:EURJPY   Euro / Japanese Yen
EURJPY             is approaching our first major resistance at 132.89 (horizontal swing high resistance, 100% Fibonacci extension ). A strong reaction could occur below this level, pushing price down to our major support at 131.82 (horizontal overlap support, 38.2% Fibonacci retracement , 61.8% Fibonacci extension ). A breakout below our intermediate support at 132.15 (horizontal swing low support) might provide the bearish acceleration to our major support level .

Stochastic (89,5,3) is also seeing a bearish divergence and is approaching our major resistance where a reaction off this level might be a good precursor for a potential drop in price.

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