Hi guys, just a quick update for the EURJPY pair.
Price has taken a bearish move to the downside and has now encountered strong support and has started to develop a rejection wick on the daily.
Potential for a short term move to the upside until price reaches the resistance structure, this would offer a clean rejection at the 0.618 FIB level and then potential further bearish momentum to the downside which is likely due to JPY being a safe haven in the current financial crisis.
Price has taken a bearish move to the downside and has now encountered strong support and has started to develop a rejection wick on the daily.
Potential for a short term move to the upside until price reaches the resistance structure, this would offer a clean rejection at the 0.618 FIB level and then potential further bearish momentum to the downside which is likely due to JPY being a safe haven in the current financial crisis.