EURJPY Daily Charts – Potential Retracement

EURJPY has been on an incredible strong down movement for the best part of the last couple of months, but we still have noticed what seems to look like a reversal pattern on the daily charts, considering the strength of the bearish movement we can only expect a retracement on this pair. Our main short term bullish target is the 50% Fibonacci line of the 157.00/132.20 move down, the price area around 145.00 should present a decent resistance and looks terribly tempting for those that think the overall trend has lost some of its strength.

EURJPY has been on an incredible strong down movement for the best part of the last couple of months, but we still have noticed what seems to look like a reversal pattern on the daily charts, considering the strength of the bearish movement we can only expect a retracement on this pair. Our main short term bullish target is the 50% Fibonacci line of the 157.00/132.20 move down, the price area around 145.00 should present a decent resistance and looks terribly tempting for those that think the overall trend has lost some of its strength.

 

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