EURJPY approaching resistance, potential drop!

8 במאי 2018

Price is testing our first resistance at 129.96 (horizontal overlap resistance, 161.8% Fibonacci extension, Elliot wave structure). A strong reaction might occur below this level, pushing price down to our major support at 129.07 (horizontal swing low support, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI is also approaching our major resistance and we might see a corresponding drop in price should it react off this level.
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