EUR/JPY Long-Term Trend: Bearish
Key Resistance Levels: 132.51, 132.66, 133.00
Key Support Levels: 131.65, 131.20, 131.00
The price on the higher time frame posted a correction count to the daily resistance (previously support). The pair found sellers around the 61.80% Fibonacci retracement level which led to a drop and a move to the downside in the same direction of the main trend.
EUR/JPY Medium-Term Trend: Bearish
On the lower time frame the price succeeded to break the parallel channel to the downside by the help of a bearish candlestick with a huge body. This shows that the sellers are in control, and they overwhelmed the buyers. A higher correction could be seen before the price tumbling to the target profit.
Sell Limit Order @ 132.11
TP 1 @ 131.66
TP 2 @ 131.20
Stop Loss @ 132.33
Trade Safely 🙂