Short

EUR/JPY:DOWNTREND|FIBO PULLBACK|PRICE ACTION+NEXT TARGET|SHORT🔔

Like a photocopy of EUR/USD, thanks to the principle of correlations, we have a very strong positive correlation of these two pairs and so we can see how EUR/JPY consistently follows the chart of its Major EUR/USD which is the reason why in recent sessions we have seen YEN take breath on the EURO having sessions with bullish impulse. Nevertheless it is obvious to say, just look at the chart, notice the pair a bearish moment, within a Bearish channel with the further confirmation of 21 Jul. by the crossing of the two simple mediums 50+200 "Death Cross ". The Stochastic indicator is in Overbought with divergence. A further sign is the presence of the Fibonacci retracement level that acts as a dynamic resistance in the last sessions with the 61.8% level acting as a key Pullback for the price. In our opinion, the price, noting all the attention described above, will continue to fall immediately.

Can bears gather enough power to force the EUR/JPY into its horizontal support area?

FOREXN1

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FOREXN1

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🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/

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🟪 Instagram: instagram.com/forexn1_com/

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