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FX.co ★ EUR/JPY testing major resistance, remain bearish

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Forex Analysis:::2017-10-26T01:28:01

EUR/JPY testing major resistance, remain bearish

The price has reached our selling area perfectly and continues to test that level. We remain bearish looking to sell on major resistance at 134.36 (Fibonacci extension, Elliott wave theory, horizontal swing high resistance) for a push down to at least 133.16 support (Fibonacci retracement, horizontal swing low support).

Stochastic (34,3,1) is seeing major resistance at 93% where we expect a corresponding strong reaction from.

Sell below 134.36. Stop loss is at 134.66. Take profit is at 133.16.

EUR/JPY testing major resistance, remain bearish

Analyst InstaForex
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