FX.co ★ EUR/JPY analysis for April 11, 2017

Recently, the EUR/JPY pair has been trading downwards. The price tested the level 116.88. According to the 4H time frame, I found that price is trading in well defined downward channel, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. The critical support level is set at the price of 116.80. The breakout of support would confirm further downward continuation. The downward target is set at the price of 114.60.

Resistance levels:

R1: 117.50

R2: 117.60

R3: 117.85

Support levels:

S1: 117.00

S2: 116.90

S3: 116.65

Trading recommendations for today: watch for potential selling opportunities.