The EUR/JPY currency pair is continuing the downward motion with the target at 88.25.
On a 4-hour timeframe, the EUR/JPY had shaped “Doji” candle, which was a signal for a descendant movement that was confirmed thereafter. This candle shows that the pair had not managed to break out the resistance level between 92.90 and 93.00 and a decline took place after that. Moreover, the currency pair successfully broke through Fibonacci correctional level of 50.0, which was a strong support. Thereafter, “Gravestone Doji” candle formed, which stressed the dominance of the bulls on the market.
If the pair breaks out the resistance level of 90.30, long positions opened before should be closed as it will lead to the growth to 91.50 with the next target at 92.10.
For now, the open short positions should be kept because the falling trend is going on.
_source!.png)
