EURJPY approaching resistance, potential drop!

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EURJPY is approaching our first resistance at 131.86 (horizontal pullback resistance) and a strong reaction might occur at this level, pushing price down to our major support at 130.91 (horizontal pullback support, 100% Fibonacci extension, 76.4% Fibonacci retracement). A breakout below our intermediate support level at 131.58 (horizontal overlap support, 61.8% Fibonacci extension) might provide the bearish acceleration to our major support level.
RSI (89) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
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Just look at that drop!!! Did you guys manage to ride this wave?
Chart PatternsEUREURJPYeurjpylongeurjpyshortForexforexsignalsforextradingHarmonic PatternsjpyTrend Analysis

This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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