Technical outlook and chart setups:
The structure remains unchanged for now and EurJpy has taken resistance from the 0.786 Fibonacci level of the entire downfall from 131.00 to 125.00 as seen here. Therefore, it is recommended to remain short from positions taken yesterday around 130.00 region. A fall below 126.00/127.00 shall accelerate downfall towards 123.00 level, which is the 0.618 Fibonacci support level of the upswing between 119.00 to 131.00. Resistance is fixed at 130.50 and 131.00 levels, while intermediary support is at 125.00 region, followed by strong support at the 119.00 level. Please note that prices are testing the backside of the cone/triangle here, hence a bullish bounce here shall enable a reversal here and we shall look to enter buying.
Trading recommendations:
Hold on to short positions, stop is at 131.00, and target is at 123.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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