[m.youssif]

EURJPY Forecast
The EURJPY had a significant bearish momentum yesterday, bottomed at 116.13 and closed at 116.91. The bias is bearish in nearest term especially if price able to make a clear break below 116.00 which can be a good intraday support at this phase testing 114.00 area. As you can see on my daily chart below, since the fall from 123.31, price may form a descending triangle bearish formation which would be validated on a clear break below 116.00. Immedidate resistance at 118.00 followed by 119.50. Huge movement yesterday forces our support/resistance level much wider so unless you have a good risk – reward ratio, do not rush jumping into the market.

[m.youssif]

EURJPY Forecast
The EURJPY had a significant bearish momentum yesterday, bottomed at 116.13 and closed at 116.91. The bias is bearish in nearest term especially if price able to make a clear break below 116.00 which can be a good intraday support at this phase testing 114.00 area. As you can see on my daily chart below, since the fall from 123.31, price may form a descending triangle bearish formation which would be validated on a clear break below 116.00. Immedidate resistance at 118.00 followed by 119.50. Huge movement yesterday forces our support/resistance level much wider so unless you have a good risk – reward ratio, do not rush jumping into the market.