EURJPY has a clear double top pattern as we can see more clearly in the daily timeframe which I circled in my chart. We saw a nice rejection off the top level starting to form a possible bearish downturn. Interestingly, as price level falls, we saw a nice bullish retracement to the 123.60 price level resistance level and if we were to use fibonacci retracement for this we can see a nice rejection off 61.8 fib level which starts to show us possible BEARISH continuation. On the other hand, MACD shows an interesting outlook for EURJPY showing that a BEARISH movement may start to take place soon. As of now, I am BEARISH on EURJPY however I will be observing a nice breakout from the trendline I drawn to confirm my BEARISH bias.
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Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!