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EURJPY – Bearish Bias + Corrective Structure, Looking to Sell | Apr 12
EURJPY – MT bearish bias, Possible Impulsive-Corrective Sequence in Play (4hr chart)
The EURJPY has been in a steady downtrend since the high of June last year. Both the swings and selling strength seem to be increasing LT.
Since the beginning of April we have been in a steady non-volatile downtrend and are now seeing a corrective structure forming between 124.20 and 122.80. This suggests the current correction will most likely be followed by another impulsive move downward.
Bears can look for selling opportunities near the top of the corrective structure. Alternatively you can look towards the next resistance zone between 125.00-126.00.
If 122.80 folds and bears manage to push all the way through 122.00 we would most likely see a move all the way down to 120.00.
Only a strong close above 126.00 would change the MT bias to bullish.
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