Bearish outlook on EURJPY
My overall bias on EJ is bearish.
Initially, price found support at the monthly/weekly support zone.
Price then began to make a series of higher highs and higher lows, which serves as confirmation that price was an in uptrend.
Then price met resistance at the daily resistance zone.
The daily resistance zone also correlates with the purple trend line and price has also been respecting this as well.
It appears that price has somewhat formed a double top. I am expecting price to break the neckline (which is the last higher low) and continue downward and potentially test the 50.0-61.8 fib levels.
Initially, price found support at the monthly/weekly support zone.
Price then began to make a series of higher highs and higher lows, which serves as confirmation that price was an in uptrend.
Then price met resistance at the daily resistance zone.
The daily resistance zone also correlates with the purple trend line and price has also been respecting this as well.
It appears that price has somewhat formed a double top. I am expecting price to break the neckline (which is the last higher low) and continue downward and potentially test the 50.0-61.8 fib levels.
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