EURJPY approaching resistance, potential drop!

FX:EURJPY   Euro / Japanese Yen
Price is approaching our first major resistance at 132.89 (horizontal swing high resistance, 100% Fibonacci extension , Elliot wave structure). 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 and we might see a corresponding drop in price should it react off this level.

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This analysis is provided as general market commentary and does not constitute investment advice.
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