FX.co ★ EurJpy Pullback Is Expected

Technical Outlook and Chart Setups:

Another risk trade was taken and another stop got triggered yesterday. As depicted above, prices still seem to be stalling at the levels of resistances, being converged near 102.70/80 levels. An engulfing bearish candle is under formation on the Daily Charts and we would wait for confirmation on closing basis for the bearish signal to complete. This pullback may potentially bring prices down to at least 101.00 and may extend lower to 97.00-98.00 levels before the rally resumes.

Trading Recommendations:

Flat for now.

Good Luck!