EUR/JPY Price Analysis: Bears step in at 61.8% Fibo

FX
  • 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. 

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