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EUR/JPY Potential Downward Movement

EUR/JPY Long-Term Trend: Bearish

Key Resistance Levels: 132.51, 132.66, 133.00

Key Support Levels: 131.65, 131.20, 131.00

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Sell Limit Order @ 132.11

TP 1 @ 131.66

TP 2 @ 131.20                

Stop Loss @ 132.33

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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