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EUR/JPY Potential Downward Movement

EUR/JPY Long-Term Trend: Bearish

Key Resistance Levels: 129.206, 129.500, 129.651.

Key Support Levels: 128.468, 128.253, 128.052.

1-Hr Time Frame:

The price on the higher time frame failed to break the strong resistance level around the 129.200 JPY mark where it posted a head and shoulders pattern. The market succeeded to break the bullish trendline which another indication that the sellers are taking control of the market.

EUR/JPY Medium-Term Trend: Bearish

15-Mins Time Frame:

On the lower time frame, the market found sellers near the 61.80 % Fibonacci retracement level and dropped hugely leaving behind big bearish candlesticks. A higher correction could be seen to the highlighted zone before a new bearish impulsive wave.

Sell Limit Order @ 129.069

TP 1 @ 128.469

TP 2 @ 128.253

Stop Loss @ 129.368

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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