EURJPY bearish breakout, potential for further drop!

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Price has just seen a bearish breakout from the ascending trendline support-turned-resistance, and is now facing bearish pressure as it holds below the Ichimoku cloud. We could see a reversal at 1st resistance, in line with 61.8% Fibonacci retracement and horizontal pullback resistance, and further downside towards 1st support, in line with 38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 131.904

Reason for Entry:

61.8% Fibonacci retracement and horizontal pullback resistance

Take Profit: 131.385

Reason for Take Profit:

38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 131.192

Reason for Stop Loss:

78.6% Fibonacci retracement and horizontal swing high resistance

The material has been provided by InstaForex Company - www.instaforex.com

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