Overview:
EUR/JPY's subsequent sharp fall suggests that decline from 106.55 a week ago and had resumed to 103.24 (Strong support). It should be noted that the price has still been trapped between 104.70 -- 103.24 and the price has been set below strong resistance at the levels of 104.40. Aswell it is noting that these levels are coinciding on a strong levels for bulls on H1 chart and the pair has already formed a strong resistance at this level of 104.40 and it is now approaching from it in order to test it. Therefore Japan Yen will be a downside momentum is rather convincing and the structure of the fall looks is not corrective, in order to indicate a bearish opportunity below 104.70 (You should be noted that the last weekly pivot point was at 104.70) for that it will a good sign to sell below 104.40 with a first target of 103.30 and it will call for downtrend in order to continue bearish towards 102.69 (11% of Fibonacci retracement levels on H1 chart).
Furthermore, it also have to note that the price at 103.24 will be formed a new weekly pivot point and it is going to call for a strong support. So it will be a saturation around this weekly pivot point to rebound the pair, aswell it will probably that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 103.24 with a first target of 104.20 and continue towards 105.25 if the price breaks the level of 104.57.
Weekly Pivot Point: 103.24
Weekly Technical Levels:
