The EUR/JPY has formed a black marubozu straight off the POC zone. We should see a further drop if the price remains capped below.–>
123.92-124.02 is the breakout spot for the pair. A clear continuation below the trend line targets 123.79 as the first target, followed by 123.52. Further bearish advancement is possible below 123.49. If that happens the daily ATR projection will be overshot which indicates strong bearish trend. In that case the target is 123.11. The scenario is invalid should the price reach 124.35.
The analysis has been done with the
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Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
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