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FX.co ★ EUR/JPY below major resistance, prepare to turn bearish

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Forex Analysis:::2016-11-15T15:05:07

EUR/JPY below major resistance, prepare to turn bearish

The key idea is to prepare to sell below major resistance at 116.80 (multiple Fibonacci projections, Fibonacci retracement, horizontal resistance) for a drop to 114.87.

RSI (34) is also approaching major descending resistance where we expect a reaction from.

Sell below 116.80. Stop loss at 117.33. Take profit at 114.87.

EUR/JPY below major resistance, prepare to turn bearish

Analyst InstaForex
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