EUR/JPY remain bearish for a further drop

The price has reacted off our selling area perfectly. We remain bearish below major level of resistance at 128.97 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong reaction off this level for a push down to first 127.56 support (Fibonacci retracement, horizontal swing low support) before 127.04 (Fibonacci extension).

Stochastic (34,5,3) is dropping nicely from our 93% resistance.

Sell below 128.97. Stop loss is at 129.54. Take profit is at 127.56 and 127.04.


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