The current technical pattern on EUR/JPY indicates the development of the corrective movement. Near the local offer zone of 133.200-134.350, a classic pattern of Price Action "Bearish Engulfing" (D1 timeframe) was formed. This formation signals about "bearish" sentiments. A round-level of 132.000 is supported locally.
If the price fixes below the level of 132.000, we recommend considering sales of EUR/JPY. The immediate goal for profit-taking is "mirror" support of 131.000. In the medium term, the EUR/JPY currency pair may reach 129.000. Confirmations and entry points to the market should be looked for on the lower timeframes. When tracking the position, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account