EUR/JPY analysis for May 04, 2018

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Recently, the EUR/JPY pair has been trading downwards. The price tested the level of 130.79. According to the H4 time – frame, I found a successful breakout of a rising wedge in the background, which is a sign that sellers are in control. I also found a failed pinbar, which is a sign that buyers don't have power for any significant bullish correction. My advice is to watch for potential selling opportunities. The downward target is set at the price fo 129.00.

Resistance levels:

R1: 131.63

R2: 132.35

R3: 133.03

Support levels:

S1: 130.22

S2: 129.54

S3: 128.82

Trading recommendations for today: watch for potential selling opportunities.

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