EURJPY could not break the major structure resistance level of 136.500.
Bears pushed the price to lower levels and it's gaining some momentum.
We anticipate the price to break the support level of 134.000 and go further down to 133.000.
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The price failed to consolidate above the consolidation support level 134.5 after a false breakout. The price goes below the level again and I am waiting for the price to fix below the level with a subsequent fall. My goal is to support 132.17
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Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
TP stands at 135.500, but as of the daily time frame, EJ has been testing the previous support level and may therefore expect longs. If TP gets hit, I'd like to see it go to about 136.000 and 137.000.
EURJPY has broken out from last year's trading range in March and now the course is backtesting this level. If this move do not collapse to a deviation, we will more probably see further price appreciation upwards. The breakout was impulsive, especially on the monthly chart. As last year's range top is a very important and price action was strong on higher TF, I...
EUR-JPY is retesting a strong falling resistance line
That confluences with the horizontal resistance level at 136.579 areas
Which makes me bearish on the pair
And I think that a local bearish pullback
Is coming, with the target being a local support below AT 132.869
Short Term View in EURJPY suggests cycle from 04.21.2022 peak is completed as a 3 waves zig zag Elliott Wave Structure. Down from April 21 peak, wave (A) ended at 134.75 and rally in wave (B) ended at 138.32. Pair then resumes lower in wave (C) with internal subdivision as an impulse in lesser degree. Down from wave (B), wave 1 ended at 136.08 and pullback in wave...