EURJPY - Intraday - We look to Sell at 122.20 (stop at 122.60)
The bearish engulfing candle on the 4 hour chart is negative for sentiment. Levels close to the 61.8% pullback level of 122.48 found sellers. Although the bulls are in control, the stalling positive momentum indicates a possible turnaround is possible. We look for a temporary move lower. Preferred trade is to sell into rallies.
Our profit targets will be 121.00 and 120.30
Resistance: 122.20 / 122.50 / 123.00
Support: 121.40 / 121.00 / 120.30
The bearish engulfing candle on the 4 hour chart is negative for sentiment. Levels close to the 61.8% pullback level of 122.48 found sellers. Although the bulls are in control, the stalling positive momentum indicates a possible turnaround is possible. We look for a temporary move lower. Preferred trade is to sell into rallies.
Our profit targets will be 121.00 and 120.30
Resistance: 122.20 / 122.50 / 123.00
Support: 121.40 / 121.00 / 120.30
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