Eur/Jpy: Testing Downward Trend Wall On 4hr Chart

The Eur/Jpy is testing a downward trend wall on the 4hr chart and that could be significant change in trend as the overall trend has been bearish for quite a while. I am expecting this price to bounce off of this wall and we will see more losses in this pair. The current forecast continues to be bearish unless we see the price break through the downward trend line drawn in the charts.

The pair has been traveling sideways in recent trading as the market it battling to determine which way the trend will continue to go. Be careful when making entries it could be best to wait until we see more direction from the pair.

The current resistance is133.77 and if that key resistance point is broken we could see a reversal of the current down trend and that could bring new highs.

The current support level is around 132.00 and if we drop below that we could see the pair travel as low as 129.00 and 127.00 in the near future.

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The current support level is around 132.00 and if we drop below that we could see the pair travel as low as 129.00 and 127.00 in the near future.

Also if you have any questions do not hesitate to ask.

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