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06.07.2021 09:25 PM
EURJPY remains vulnerable to the downside.

EURJPY after bouncing towards 132.50 is now moving lower after getting rejected. In our analysis from June 20th we warned bulls that a trend reversal was coming. Price was expected to bounce towards 132 for a back test and get rejected. Now we are after the rejection phase and we continue to see the first Fibonacci retracement level as our key target.

This image is no longer relevant

Red lines - bullish channel (broken)

Blue lines -Fibonacci retracement levels

EURJPY has broken out of an important bullish channel. This is not the time to be bullish EURJPY. Price is expected to at least make a corrective pull back relative to the up trend that started on October 2020 and ended on June 2021. Price first target is at the 38% Fibonacci retracement. Breaking below it will open the way for a deeper pullback towards the 50% retracement. 129.30 is our first target, 128.55 our second and 126.40 the third. We are bearish EURJPY as long as price is below 132.60.

Ringkasan
Urgensi
Analitik
Alexandros Yfantis
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