On FX:EURJPY , the price dropped on 1H bars and it is time for correction. So question is when the correction finishes and starts a new impulsive leg. Following these analyse the Red box is considered the good reversal zone.
1. There was a support at 126.65, which became a resistance after the breakout. The price respects that level.
2. Fibonnaci retracement...
Bearish Channel – EU hit 3. top - still bearish trend
Awaiting good/better data for the USD.
Anticipating the destabilization of Europe with its currency EUR.
SL above first top in the bearish channel
EP @ 1.06838
TP @ 1.0750 - 1.0650 - 1.0500
RRR 1.77