FX.co ★ EurJpy Spikes, But Structure Remains Bearish.

Technical Outlook and Chart Setups:

Structurally the picture remains unchanged for now. Bulls attempted a break yesterday but failed to do so. Bottomline: "Till the time resistance at 102.00 level is intact, bears will regain control". Prices are just above the 0.786 resistance of the earlier downswing as shown above. It is recommended to continue holding short positions for now. Strong support does not come before 99.00 levels. On the other hand, if the bulls manage to break past 102.00 levels, the wave structure shall begin to take bullish curve. We shall review the chart setup again and position accordingly. Bearish potential remains real for now.

Trade Recommendation:

Remain short, stop at 102.00.

Good Luck!