- Bears are moving in at an acritical level of resistance confluence.
- EUR/JPY bears are seeking a test of the 4-hour support structure.
At the highs of 132. 70, EUR/JPY is testing the critical counter-trendline and the confluence of the 21-EMA as well as the horizontal resistance with the 61.8% Fibonacci retracement slightly below.
The following illustrates the bearish bias.
EUR/JPY daily chart
4-hour chart
The break of support structure near 132 the figure will be key where the 21 EMA is also located in the same vicinity.
This article was originally published by Fxstreet.com. Read the original article here.