- 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
The break of support structure near 132 the figure will be key where the 21 EMA is also located in the same vicinity.