Outlook on EURJPY: Bearish play seen

24 พ.ค. 2022On the monthly time frame, prices are testing a key resistance level at 136.80 where we could see further downside below this level. On the H4 time frame, prices are currently testing a key resistance zone in line with the 76.4% Fibonacci retracement, descending trend line and 78.6% Fibonacci extension. A break below the M15 demand zone at 136.00, would provide the bearish confirmation for a further drop to our support target at 134.00. Stochastic is seeing a bearish divergence and testing resistance at 98.30 as well, supporting the bearish bias.