EURJPY approaching resistance, potential drop!
EURJPY is approaching our first resistance at 74.13 (horizontal pullback resistance, 23.6% Fibonacci retracement, 100% Fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 123.50 (horizontal swing low support, 100% Fibonacci extension, 50%, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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