EUR/JPY Long-Term Trend: Bearish
Key Resistance Levels: 127.95, 128.64, 129.77
Key Support Levels: 126.19, 125.65, 124.49
The price on the higher time frame was trading in a big range for months with a few attempts at breaking the range to the upside. In each successive attempt, the pair made a lower high than the previous one which indicates bearishness. As of now, the price broke the range to the downside and has made a chart low.
EUR/JPY Medium-Term Trend: Bearish
On the lower time frame, the price has been in a downtrend for weeks and it broke a support level of 128.71 and then continued the trend. Recently price broke minor support of 127.40 and did a retest to that level. This shows trend continuation.
Sell Stop Order @ 127.03
TP 1 @ 126.42
TP 2 @ 125.87
Stop Loss @ 127.60
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