EURJPY is approaching resistance, potential drop!

FX:EURJPY   歐元 / 日圓
EURJPY is approaching our first resistance at 133.04 (horizontal overlap resistance, 100% Fibonacci extension , 50% Fibonacci retracement ). A strong reaction might occur below this level, pushing price down to our major support at 130.02 (horizontal swing low support, 76.4% Fibonacci retracement ). A breakout below our intermediate support level at 131.78 (horizontal overlap support, 61.8% Fibonacci extension ) might provide the bearish acceleration to our major support level .

Stochastic (89,5,3) is also approaching our major resistance and is seeing a short squeeze. A reaction off this level and breakout below our short term ascending support line might be a good precursor for a potential drop in price.

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This analysis is provided as general market commentary and does not constitute investment advice.
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