In our previous analysis on EURJPY we noted that the most probable path for price was to the downside and towards 127.85. Price has broken below the short-term support and moved outside of the consolidation range. Price is now testing 128.
Green rectangle- consolidation
Blue lines - Fibonacci retracements
Red horizontal lines - Fibonacci extension targets
EURJPY has passed our 2nd Fibonacci extension target and is moving towards the 50% Fibonacci retracement which is our next Fibonacci target. The 127.85 is our next target and I remain confident that we are going to see this level and maybe lower prices too. Trend remains bearish as price continues making lower lows and lower highs.
