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EURJPY approaches our target from June 20th.

On June 20th we expressed our bearish sentiment for EURJPY as price was breaking out and below the bullish channel. Back then we noted that our pull back target is at 129.30 where we find the 38% Fibonacci retracement. This is our minimum target.

analytics60f08a0d523b0.jpg

Red lines - bullish channel (broken)

Blue lines - Fibonacci retracements

Red horizontal lines - Fibonacci extensions

EURJPY has surpassed the first Fibonacci extension and is approaching the first Fibonacci retracement which was our target. Price is making lower lows and lower highs. Short-term trend is bearish. Resistance is at 131 and as long as we trade below this level, trend will remain bearish.

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