FX.co ★ EURJPY in bearish trend.

In our previous analysis on EURJPY we noted that the most probable path for price was to the downside and towards 127.85. Price has broken below the short-term support and moved outside of the consolidation range. Price is now testing 128.

Green rectangle- consolidation

Blue lines - Fibonacci retracements

Red horizontal lines - Fibonacci extension targets

EURJPY has passed our 2nd Fibonacci extension target and is moving towards the 50% Fibonacci retracement which is our next Fibonacci target. The 127.85 is our next target and I remain confident that we are going to see this level and maybe lower prices too. Trend remains bearish as price continues making lower lows and lower highs.