FX.co ★ EUR/JPY analysis for April 12, 2017

Recently, the EUR/JPY pair has been trading downwards. As I expected, the price tested the level of 115.93. According to the 4H time frame, I found that EUR/JPY is trading in the well defined downward channel and that sellers are in control. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 114.60 (Fibonacci expansion 161.8%). The short-term trend is bearish.

Resistance levels:

R1: 116.70

R2: 116.90

R3: 117.30

Support levels:

S1: 116.10

S2: 115.70

S3: 115.50

Trading recommendations for today: watch for potential selling opportunities.