EUR/JPY Potential Downward Movement

EUR/JPY Long-Term Trend: Bearish

Key Resistance Levels: 161.550, 163.119, 164.647

Key Support Levels: 158.231, 156.052, 155.208

Daily Chart:

The price on the higher time frame has been in a downtrend recently after it faced resistance at the 174.00 level and reversed the direction. The pair has continued to break a few support levels which suggests further trend continuation.

EUR/JPY Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It broke a key level of 164.647 and has sustained below that. As of now the pair has broken a minor level of 161.550 before continuing the momentum.

Signal Idea:

Sell Limit Order @ 160.369

TP @ 157.089

Stop Loss @ 162.020

Trade Safely 🙂