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EURJPY continues to move sideways right above the major Fibonacci retracement at 129.25 area. Short-term trend remains bearish as price continues making lower lows and lower highs after exiting the bullish channel since October 2020.
Red parallel lines - bullish channel (broken)
Red horizontal lines -Fibonacci extension targets
Blue horizontal lines - Fibonacci retracement targets
Green rectangle- short-term consolidation
EURJPY continues to consolidate around the 38% Fibonacci retracement. Breaking below the recent low of 128.84 will open the way for a pull back towards the 50% Fibonacci retracement at 127.85. Resistance is at 130.20 and as long as price is below this level, bears are in control of the short-term trend.
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