Recently, the EUR/JPY pair has been trading downwards. The price tested the level 119.67. According to the 4H time frame, I found broken bearish flag in the background, which is a sign that sellers are in control. The MACD indicator is showing potential re-continuation of the downward movement, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 119.35 (swing low) and the price of 118.30.
Resistance levels:
R1: 120.40
R2: 120.60
R3: 120.90
Support levels:
S1: 119.80
S2: 119.60
S3: 119.30
Trading recommendations for today: watch for potential selling opportunities.
