EURJPY approaching resistance, potential drop!

EURJPY is approaching our first resistance at 132.41 (horizontal swing high resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement) and a strong reaction might occur at this level, pushing price down to our major support at 131.11 (horizontal swing low support, 50% Fibonacci retracement, short term ascending support line).

Stochastic (55,5,3) is also seeing a bearish divergence and is approaching our major resistance level. A reaction off this level might be a good precursor for a potential drop in price.

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